KAMLESH JAIN Vs. JAIN COOPERATIVE BANK LTD

JUDGEMENT

(1.) The above 31 writ petitions are being decided by this judgment as common issues of fact and law arise. Besides relief sought is the same. All the petitioners are members of respondent no.1-The Jain Cooperative Bank Ltd. (hereinafter referred to as Bank). Petitioners had availed of loans from the Bank which they failed to liquidate in accordance with the terms of the agreement. The Bank invoked arbitration and the disputes were arbitrated upon culminating in the impugned arbitral awards.

(2.) We find that awards have been made and published by the Arbitrators awarding the sum due to the Bank together with varying rate of interest ranging from 10% to 18% p.a along with with penal interest and costs.

(3.) Petitioners have approached this court by way of writ petitions seeking directions to be issued to Bank to settle their respective cases also on the lines of settlement in WP(C) 18745/2005-Anchal Aggarwal Vs. Jain Cooperative Bank Ltd and anr and WP(C) 18748/2005-Mohak Creations Vs. Jain Cooperative Bank Ltd and anr. In the above two cases, respondent Bank accepted payment of the sum due in instalments with reduced interest @ 10.5%. Further, the Registrar, Cooperative Societies was directed not to levy the charges of execution costs, as per the award. On similar basis, Mohak Creation's case was decided. In both these cases, it was recorded in the orders that matter was being settled at the instance of the court.