JUDGMENT :

1. Rule. Rule made returnable forthwith. With the consent of the learned counsel appearing for the parties, Petition is taken up for hearing.

2. By this petition, Petitioner challenges the Notice issued by the Special Recovery Officer dated 12 March 2021 and Recovery Certificate dated 10 February 2020 issued by the Assistant Registrar of Cooperative Societies. Petitioner is neither a borrower nor a guarantor and the Recovery Certificate dated 10 February 2020 is not issued in his name and thus no amount is sought to be recovered from him. However, Notice dated 12 March 2021 is issued by the Special Recovery Officer proposing to attach immovable properties of the borrower. Petitioner has purchased Flat No.001/E-2, Shree Bhavdevi Krupa Co-operative Housing Society Ltd., Pramila Nagar, Dahisar, Mumbai-400 068 (the flat) from the borrower and she apprehends that the flat would be attached by the Recovery Officer for execution of the Recovery Certificate dated 10 February 2020 and has accordingly filed the present petition. The said flat is purchased by the Petitioner from the borrower. Apprehending attachment of the said flat, the Petitioner has filed the present petition.

3. Briefly stated, facts of the case are that Respondent No.4 occupied a structure, which was coming in the alignment of work of Main Link Road undertaken by the Mumbai Metropolitan Region Development Authority (MMRDA). In his capacity as Project Affected Person, MMRDA allotted a tenement bearing Flat No. 001 in Building No. S-2E admeasuring 225 sq. ft carpet area towards permanent rehabilitation vide allotment letter dated 02 September 2008. One of the conditions stipulated in the allotment letter prohibited Respondent No.4 from selling or transferring the tenement for a period of ten years from the date of allotment.

4. Petitioner claims that by Agreement for Sale executed in September 2011, Respondent No. 4 agreed to sell the flat to him for consideration of Rs. 13,75,000/-. She claims that with execution of the said Agreement, she paid part consideration of Rs. 4,00,000/- to Respondent No.4 and agreed to pay the balance amount of Rs. 9,75,000/- within 30 days of handing over of peaceful and vacant position of the flat. It is Petitioner's case that on 4 October 2011, she paid balance amount of Rs.9,75,000/- to Respondent No.4 and that the entire sale transaction was complete. According to Petitioner, the Agreement could not be registered on account of prohibition on sale of flat for 10 years.

5. Respondent No.3 is a Cooperative Credit Society. Respondent No. 4 availed credit facilities from Respondent No.3-Society for purchase of vehicles for his touring business. By applications dated 21 March 2017 and 20 September 2017, Respondent No.4 availed credit facility of Rs. 7,50,000/- and Rs. 8,00,000/- respectively and executed the necessary loan documents. It is the case of Respondent No.4 that on account of COVID-19 outbreak, he could not pay the instalments of the loan to Respondent No.3-Society. Recovery proceedings were initiated by Respondent No.3-Society under the provisions of Section 101 of the Maharashtra Cooperative Societies Act, 1960 (MCS Act) against Respondent No.4 (Borrower) and Respondent Nos.5 and 6 (Guarantors). The Assistant Registrar issued Recovery Certificates dated 10 February 2020 for amounts of Rs.7,65,242/- and Rs.8,58,554/- with future interest at the rate of 14% per annum. The Recovery Officer of Respondent No.3-Society issued demand notice dated 27 February 2022 to Respondent Nos. 4 to 6. Further notices for attachment were issued on 11 March 2022 to Respondent Nos. 4 to 6. Since the amounts under the Recovery Certificates remained unpaid by Respondent Nos.4 to 6, the Recovery Officer decided to attach the immovable properties of Respondent No.4.

6. In the meantime, a registered Agreement for Sale came to be executed between the Petitioner and Respondent No.4 on 26 February 2021, under which the Flat was once again shown to have