Kerala High Court
Thrissur Urban Co-Operative Bank vs The Keral Co-Operative Tribunal on 29 July, 2009
Author: C.N.Ramachandran Nair
Bench: C.N.Ramachandran Nair
IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 9011 of 2004(W)
1. THRISSUR URBAN CO-OPERATIVE BANK
... Petitioner
Vs
1. THE KERAL CO-OPERATIVE TRIBUNAL,
... Respondent
2. SEBASTIAN, SON OF KUNNATH THOMAS,
3. SOPHY, WIFE OF KUNNATH SEBASTIAN,
For Petitioner :SRI.P.R.VENKETESH
For Respondent : No Appearance
The Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR
Dated :29/07/2009
O R D E R
C.N.RAMACHANDRAN NAIR, J.
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W.P.(C) No.9011 of 2004
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Dated this the 29th day of July, 2009.
JUDGMENT
The petitioner is a Co-operative Bank challenging the order of the Co-operative Tribunal which has modified an Arbitration Award passed against respondents 2 and 3. Respondents 2 and 3 availed a loan of Rs.1 lakh and on application by the Bank, Arbitration Award was passed authorising the Bank to recover the loan amount with accrued arrears and interest at 22% p.a. from date of suit till date of realisation of the entire amount. The Tribunal in appeal modified the award reducing rate of interest. It is against this part of the award the Bank has filed this W.P.(C). However, no interim order was passed by this court and consequently the liability would have been settled in terms of the monthly instalments of Rs.25,000/- granted by the Co-operative Tribunal in favour of respondents 2 and 3. In any case I notice that reduction in interest is granted from date of suit till date of realisation. In other words, contract rate of interest was upheld upto date of filing the suit. I do not find any ground to interfere with the order of the Co-operative Tribunal. W.P.(C) is accordingly dismissed.
C.N.RAMACHANDRAN NAIR Judge pms