P SUBRAMANIAM Vs. DEPUTY REGISTRAR OF COOPERATIVE SOCIETIES

JUDGEMENT

(1.) THIS revision petition has been directed against the order in Cooperative C.M.A.No,55 of 2005 on the file of the Court of Principal District Judge, Coimbatore which had arisen out of an order passed by the Deputy Registrar of Cooperative Societies in Arbitration Case No,324/2003/Sapa.1 dated 7.10.2004.

(2.) ACCORDING to the revision petitioners, in Arbitration Case No,324/2003/GM, District Cooperative Bank, Coimbatore, the revision petitioners have borrowed a sum of Rs.14,20,000/- on application from the bank and executed promissory note, letter of acceptance, agreement and letter of Hypothecation and the said loan amount of Rs.14,20,000/- was disbursed as follows: a sum of Rs.5,07,464 was disbursed on 13.10.2000 and a sum of Rs.9,12,536 was disbursed on 2.12.2000. The revision petitioners have agreed to pay 16% interest for the said loan amount and also a penal interest at 3% but they have not repaid the said loan amount. ACCORDING to the revision petitioners, they had obtained an earlier loan of Rs.1,79,000/- from the same bank and as a collateral security has deposited the original sale deed for his door No.19,Krishnapuram,Uppilipalayam Village, Coimbatore Taluk with the bank and even after the discharge of the said loan, the said bank had failed to return the original sale deed and that the present loan was obtained by undue influence.

(3.) IN fine, this civil revision petition is dismissed with the following modification. The revision petitioners are liable to pay a sum of Rs.14,20,000/- with 16% interest from the date of loan ie., 13.10.2000 till the date of realisation on the principal amount of Rs.14,20,000/-. Time for payment is six months from today. The revision petitioners are entitled to get back all the original document of sale deeds, after the discharge of the loan amount. No costs. Consequently, connected M.P.No.1 of 2008 is also dismissed.