SANTHI Vs. THRISSUR URBAN CO OPERATIVE

JUDGEMENT

(1.) The writ petitioner approached this Court praying to quash Ext.P2 order passed by the third respondent, the Kerala Co-operative Tribunal, Thiruvananthapuram.

(2.) The writ petitioner is a defaulter. Therefore, an Arbitration Suit was filed as A.R.C.No.2689/2001 by the first respondent. An award was passed by the Arbitrator to realise an amount of Rs.3,75,000/-, with interest, at the rate of twenty percent per annum, on the principal amount, from 1.1.2001. The learned Tribunal allowed the revision, challenging the Arbitrator's award, in part, and directed the first respondent to realise the award amount, with future interest, on contract rate, from the date of the Suit till date of realisation of the entire amount. However, the writ petitioner was allowed to discharge the decree debt in ten equal monthly instalments. Further direction was that on the failure to remit two consecutive instalements, the first respondent shall be at liberty to realise the entire amount in lump. The same is challenged through this writ petition.

(3.) As per the order dated 28.9.2005, this Court found that no amount, as ordered by the Tribunal, was remitted. However, through the order dated 28.9.2005, this Court directed the writ petitioner to deposit an amount at the rate of Rs.30,000/- each, on 25.11.2005 and 20.12.2005.