JUDGMENT :

NITIN W. SAMBRE, J.

1. RULE. Rule made returnable forthwith and heard finally with consent of the learned counsel for the parties.

2. The petitioners are the borrowers and accordingly the members of the respondent no. 3-New Subhedar Nagari Sahakari Pat Sanstha Ltd. (for short ‘the respondent no. 3-Society’) which is a Credit Cooperative Society.

3. The petitioners suffered a recovery certificate under Section 101 of the Maharashtra Cooperative Societies Act, 1960 (for short, ‘the Act of 1960’) for an amount of Rs. 1,02,19,685/-. The principal amount which was obtained by the petitioners was Rs. 80,00,000/- as on August 16, 2018 which they have failed to repay. After issuance of the aforesaid recovery certificate, the petitioners assured the respondent no. 3-Society that they shall be making good the payment within a period of one month as reflected in the communication dated June 28, 2022. According to the petitioners, in view of the policy of the State Government for acceptance of One Time Settlement, the petitioners were willing to deposit the amount.

4. Since the petitioners have neither deposited the outstanding amount nor honoured the dictum under the recovery certificat