R.D. DHANUKA, J.

1. By an order dated 21st July, 2014, this Court has put the parties to notice that this writ petition may be heard and disposed of finally at the stage of admission. This Court has thus heard all the parties at length. The writ petition is thus being disposed off finally at the admission stage. Some of the relevant facts for the purpose of deciding this writ petition are as under.

2. The respondent no. 2 was a guarantor in respect of the loan transaction between the respondent no. 5 and the principal borrower Mr. Ramkisan Walmik Kajale. The said Mr. Ramkisan Walmik Kajale committed a default in making repayment of the loan to the respondent no. 5 society. The respondent no. 2 also committed a default in making repayment of the loan as a guarantor to the respondent no. 5. The respondent no. 5 initiated the recovery proceedings under the provisions of section 101 of the Maharashtra Co-operative Societies Act, 1960 (for short the said “MCS Act”) against the said borrower Mr. Ramkisan Walmik Kajale and the respondent no. 2. The Assistant Registrar, Co-operative Societies, Deola issued a certificate under section 101(2) of the MCS Act in favour of the respondent no. 5 for an amount of Rs. 13,98,418/- with further interest thereon at the rate of 18% p.a. from 30th November, 2009 onwards. The said recovery certificate has not been impugned either by the principal borrower Mr. Ramkisan Walmik Kajale or by the respondent no. 2. A Recovery Officer was appointed for the purpose of taking steps to execute the said recovery certificate issued by the Assistant Registrar, Co-operative Societies in favour of the respondent no. 5 society. A Special Recovery Officer attached the property of the respondent no. 2 under Rule 107 of the Maharashtra Co-operative Societies Rules, 1961 (for short the said “MCS Rules”).

3. The Special Recovery Officer thereafter sought requisite permission from the Divisional Registrar of Co-operative Societies, Nashik Division for carrying out the auction of the property of the respondent no. 2. The said permission was granted by the Divisional Registrar of Co-operative Societies on 10th October, 2012. The first auction was held by the Special Recovery Officer on 16th November, 2012 however no bid was received in response to the said first auction.

4. The second auction was accordingly held on 15th March, 2013. The Divisional Registrar fixed the upset price in respect of the property of the respondent no. 2 as on 10th December, 2012 at Rs. 44,00,000/-. The auction notices were issued on 16th May, 2012, 15th October, 2012 and 29th February, 2013 in the daily newspaper “Deshdoot” at Nashik. Pursuant to the said public notices, the petitioner submitted his bid for total consideration of Rs. 47,00,000/- and was the highest bidder. The Special Recovery Officer by his letter dated 13th April, 2013 addressed to the Assistant Registrar of Cooperative Societies sought permission for confirmation of the sale as per the auction held in favour of the petitioner. The Assistant Registrar, Co-operative Societies granted requisite permission to the Recovery Officer on 20th May, 2013. On 23rd May, 2013, the sale in favour of the petitioner was confirmed and a sale certificate came to be issued by the Special Recovery Officer.

5. On 23rd May, 2013 a Deed of Conveyance was executed in favour of the petitioner by the Administrator of Shri Ramchandra Vinayak Kothawade Rural Non-Agricultural Credit Society Limited, Deola, District Nashik and the Special Recovery Officer. The Deed of Conveyance was duly registered on payment of stamp duty of Rs. 39,940/- and the registration fees of Rs. 30,000/- in favour of the petitioner. The petitioner was put in physical possession of the said property. The name of the petitioner was mutated in the revenue record by way of mutation entry no. 11606 on 29th August, 2013.

6. The respondent no. 2 thereafter filed an appeal under section 243 of the Maharashtra Land Revenue Code, 1966 an