D R L (C) NO 1 - TIRUCHENGODE CO-OPERATIVE PRIMARY AGRICULTURE AND RURAL DEVELOPMENT BANK LIMITED Vs. PRESIDING OFFICER

JUDGEMENT

(1.) The instant writ petition is for a writ of Certiorari calling for the records of judgment and decree passed in C.M.A(CS).No.75 of 2004 dated 16.07.2009, on the file of the Principal District Judge, Namakkal, acting as a Presiding Officer, District Co-operative Tribunal, whereby the Principal District Judge, Namakkal, by the impugned order allowed the appeal of the respondent setting aside the award passed against the respondent and accepting the claim of the respondent for refund of excess interest amount of Rs. 1,08,000.00 which was collected by the petitioner bank with 15% interest.

(2.) The respondent 4 was a member of the petitioner bank. The respondent 4 applied for loan of Rs. 3,10,800.00. The respondent 4 was sanctioned a loan of Rs. 2,18,010.00 on mortgage of immovable properties. The respondent 4 accepted to pay interest 15% per annum and also to pay 16 1/2 interest per annum as default interest. The respondent 4 repaid a sum of Rs. 1,39,000.00 between 01.11.1993 to 30.01.2001. The petitioner also paid a sum of Rs.5,75,000.00 as interest to the bank. The petitioner bank by letter dated 26.02.2011, directed the petitioner to pay a sum of Rs.5,40,140.00 on or before 31.02.2001, failing which, action will be taken against the petitioner on the properties mortgaged to the bank. The petitioner paid the amount of Rs.5,45,000.00 on 31.01.2001 and 07.02.2001.

(3.) It is stated that the Government issued G.O.(D) No.68, Cooperation Food and Consumer Protection (CC1) Department, Chennai-9, dated 28.03.2002, and issued the orders for waiver of penal interest on the overdue principle as on 30.06.2000 and also for the amount which became due for payment between 01.07.2000 to 31.08.2001. The relevant order of the scheme reads as under:-