IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 23RD NOVEMBER 2009 / 2ND AGRAHAYANA 1931 WP(C).No. 33501 of 2009(G) -------------------------- PETITIONER(S): --------------- 1. MARY V.V., W/O.P.C.THOMAS, "PRIYA COTTAGE", VALLIKODE, PUDUPARIYARAM, MUTTIKULANGARA P.O., PALAKKAD TALUK & DISTRICT. 2. THOMAS P.C., S/O.CHACKO, -DO- -DO- BY ADV. SRI.SAJAN VARGHEESE K. SRI.LIJU. M.P RESPONDENT(S): --------------- 1. THE SECRETARY, PALAKKAD TALUK PRIVATE SCHOOL TEACHERS CO-OPERATIVE SOCIETY P.782, KANNARA STREET, PALAKKAD - 678 001. 2. M.N.BALASUBRAMANIAN, S/O.NARAYANAN, MOOCHIKKAL VEEDU, VALLIKKODE, MUTTIKULANGARA P.O., PALAKKAD TALUK & DISTRICT PIN - 678 594. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 33501 of 2009 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 23rd November, 2009. J U D G M E N T Petitioners are defaulters in repayment of loan amounts due to the Palakkad Taluk Private School Teachers Co-operative Society. The society initiated proceedings for recovery of the defaulted loan amounts by filing an arbitration case before the arbitrator under Section 69 of the Kerala Co-operative Societies Act. Ext. P3 award was passed on 20-6-2006. The petitioners filed a revision before the Tribunal, which was disposed of by Ext. P4 dated 24-8-2007 confirming the award, but reducing the interest to 15% instead of 18%. The petitioners are challenging Exts.P3 and P4. The petitioners raise two contentions. First is that the recovery proceedings have been initiated long after the default and therefore the same should be quashed as barred by limitation. The second is that the interest at 15% is too high. 2. I have considered the contentions of the petitioners in detail. 3. I am of opinion that the petitioners should fail on both counts. First of all, it is settled law that there is no limitation prescribed for initiating proceedings under Section 69 of the Kerala Co-operative Societies Act. The arbitrator under Section 69 is not a court so as to attract the provisions of the Limitation Act, in respect of the proceedings under that Section. Regarding interest, I do not think that even the Tribunal has power to reduce the interest below the contract rate at least till the date of the plaint. The petitioners should consider themselves fortunate that the society has not chosen W.P.C. No. 33501/09 -: 2 :- to challenge Ext. P4. As such, there is no merit in the writ petition. Accordingly, the same is dismissed. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.