IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.BALAKRISHNAN NAIR & THE HONOURABLE MRS. JUSTICE M.C.HARI RANI THURSDAY, THE 5TH JUNE 2008 / 15TH JYAISHTA 1930 WP(C).No. 1378 of 2004(L) ------------------------------------ PETITIONER: ------------------- PEOPLE'S URBAN CO-OPERATIVE BANK LTD. NO.51, TRIPUNITHURA, REP. BY ITS GENERAL MANAGER. BY ADV. SRI.P.SANTHOSH KUMAR (PANAMPALLI NAGAR) SRI.T.A.RAJAN SRI.LUIZ GODWIN D'COUTH RESPONDENTS: ----------------------- 1. B.R.AJITH, S/O.UNNITHAN, VRINDAVAN, DIWANS ROAD, KOCHI 16. 2. THE KERALA CO-OPERATIVE TRIBUNAL, THIRUVANANTHAPURAM. 3. ARBITRATOR/ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) KANAYANNUR. BY ADV. SRI.S.M.PREM FOR R1 SMT.K.P.SANTHI FOR R1 R2 & R3 BY SR.GOVT. PLEADER MR.BENJAMIN PAUL THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.1378 OF 2004 APPENDIX PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE EQUITABLE MORTGAGE DEED DATED 3.6.1999 EXECUTED BY THE 1ST RESPONDENT. EXT.P2 TRUE COPY OF THE MORTGAGE DEED DATED 3.6.1999 EXECUTED BY THE 1ST RESPONDENT. EXT.P3 TRUE COPY OF THE AWARD DATED 21.12.2000 IN ARC 1194/2000 OF THE 3RD RESPONDENT. EXT.P4 TRUE COPY OF THE ORDER DATED 12.5.2003 IN R.P.NO.208/2000 OF THE 2ND RESPONDENT. / TRUE COPY / K.BALAKRISHNAN NAIR & M.C.HARI RANI, JJ. ------------------------------------------ W.P.(C) No.1378 of 2004-L ------------------------------------------ Dated, this the 5th day of June, 2008 JUDGMENT Balakrishnan Nair, J. The petitioner is a Co-operative Bank. It challenges Ext.P4 order of the Co-operative Tribunal allowing R.P.No.208 of 2000 filed by the first respondent herein. By the said order, Ext.P3 award of the Arbitrator passed in favour of the petitioner Bank has been modified. As per the award, the petitioner was permitted to recover the award amount with 21% future interest. The Tribunal by Ext.P4 order has reduced it to 6%. Challenging the said reduction of interest ordered under Ext.P4, this writ petition is filed. 2. The point raised by the petitioner is covered by a Division Bench judgment of this Court in Kerala State Co-operative Bank Ltd. v. Kerala Co- operative Tribunal (2005 (1) KLT 572). Accordingly, Ext.P4 is set aside and the revision petition is remitted to the Co-operative Tribunal to pass fresh orders in the matter concerning rate of interest in the light of the observations in the above reported decision of this Court. The Tribunal shall endeavour to pass final orders in the matter as expeditiously as possible, preferably within four months from the date of production of a copy of this judgment. The writ petition is disposed of as above. (K.BALAKRISHNAN NAIR) JUDGE (M.C.HARI RANI) JUDGE vns