Himachal Pradesh Court December 1986 Judgments

Parkash Singh Vs. State of Himachal Pradesh and ors.

Court: Himachal Pradesh

Reported in: AIR1987HP54

P.D. Desai, C.J.1. The petitioner, who is a member of the respondent-Co-operative Bank, was allowed the facility of a Cash Credit Over Draft Account to the extent of Rs. 30,000/- by the respondent-Co-operative Bank. The petitioner availed of the facility and failed to make payment of the sum due at the foot of the Over Draft Account. The dispute between the parties was referred to arbitration under Section 72 of the Himachal Pradesh Co-operative Societies Act, 1968 (hereinafter referred to as 'the Act').2. On July 5, 1985, the Arbitrator made the impugned award, Annexure-P-4, which reads as follows :'That the respondent Shri Parkash Singh son of Shri Arjun Singh owner of General Store, School Bazar, Mandi, H. P. will have to pay Rs. 57,188.50 principal and Rs. 2,000.00 costs of arbitration, total Rs. 59,199.50, to the applicant before 15-8-1985 with interest on the principal at the rate of 15% p.a. till date of payment.If the respondent fails to pay the amount by 15-8-1985, the applica...