1 mmj IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE SIDE Writ Petition No.2247 of 2009 Ichalkaranji Vyapari Sahakari Pat Sanstha Ltd. & Anr. ..Petitioners Vs. Bapso Nemu Teradale & Ors. ..Respondents Mr. Amit Borkar for the Petitioners Mr. S.S.Patvardhan for Responent No.1 Ms. P.S.Cordozo AGP for Respondent Nos. 2 & 3 CORAM : SMT.ROSHAN DALVI, J. DATED : 7th January, 2010 P.C. : 1. The Petitioner bank granted a loan of Rs.4 lacs to the Respondent No.1 on 25.10.2001. The loan was repayable with interest @18% p.a. thereon. A recovery certificate was issued on 30.07.2007. Respondent No.1 has paid off the loan alongwith the agreed rate of interest @ 18% p.a. after the date of the recovery certificate which came to be issued by the Assistant Registrar, Co- operative Societies. In execution proceedings a notice came to be issued u/s 107(11) of the Maharashtra Co- operative Societies Act, 1960 on 09.07.2008. This was to be a thirty day notice. That notice came to be 2 challenged before the Joint Registrar Co-operative Societies, Kolhapur Division, Kolhapur, in Revision Application No.176 of 2008. Pending the Revision Application, the auction of the property was stayed. The order passed in Revision u/s 54 of the Maharashtra Co-operative Societies Act, 1960 dated 29.12.2008 is impugned in the Petition. The Revisional authority has seen that until then Rs.2.75 lacs were paid out of the loan of Rs.4 lacs. The Revisional Authority has amended the recovery certificate so as to grant interest @ 15% as per the circular of the Commissioner dated 01.04.2004, instead of agreed rate of interest of 18% p.a. 2.Respondent No.1 has thereafter repaid the entire loan alongwith interest @ 15% p.a. until the date of the recovery certificate i.e. until 30.07.2007. Respondent No.1 has also paid future interest not at the agreed rate of 18% p.a., but @ 15% p.a. granted in the Revision Application under the order dated 29.12.2008. 3.The Petitioner has challenged the order in Revision granting interest rate at lesser than the agreed amount. Respondent No.1 offers to pay even further interest @ 3% p.a. from the date of the recovery certificate that is 30.07.2007 till date. If such interest is paid, no amount would be payable, and no further prejudice would be caused to the Petitioner. Hence the following order: 3 (i) Upon Respondent No.1 paying the Petitioners the amount @ 3% p.a. from 30.07.2007 till date on the principal amount adjudged of Rs.6,94,851/- or such lesser amount as would remain payable by way of the principal amount so adjudged and remaining payable within four weeks from today, Writ Petition shall stand dismissed. (ii)If the amount above is not paid within four weeks, the Petition shall stand admitted and the impugned order dated 29.12.2008 would then stand stayed. (SMT.ROSHAN DALVI, J.)