ORDER
T.H.B. Chalapathi, J.
1. The petitioner was a member of the respondent No. 3 Society. He borrowed a loan of Rs. 3500/- from the Society on December 23,1970, and failed to repay the same. The dispute was referred to Arbitrator who, by his award dated September 19,1977, directed the petitioner to pay a sum of Rs. 3500/- towards principal, Rs. 3672/- towards interest and Rs. 250/-towards costs, totalling Rs. 7244/-. As the petitioner did not pay the amount covered by the award, a sale notice was issued to the petitioner under Rule 72(11) of the Punjab Cooperative Societies Rules, 1963, for the sale of the property of the petitioner.
2. The petitioner being aggrieved by the said notice filed this Writ Petition. According to him, he did not obtain any loan from the Society though he admitted that he was a member of the Society. Admittedly, the petitioner had notice of the arbitration proceedings. The petitioner was also present when the award was passed on September 19, 1977. He did not challenge the award and allowed it to become final. Therefore, it is not open to the petitioner to say that he did not borrow the amount of Rs. 3500/- from the Society.
3. The Arbitrator awarded interest at the rate of 17-1/2 per cent per annum. But there is no material to show that the agreed rate of interest was at the rate of 17-1/2 per cent per annum. It is submitted therefore that the agreed rate of interest was 9.37 per cent per annum. Therefore, the petitioner was liable to pay the principal amount of Rs. 3500/- with interest at the rate of 9.37 per cent per annum from December 23,1970, till the date of award, i.e., September 19, 1977, and the future interest at the rate of 6 per cent per annum from the date of award till the realisation. Same view was also taken by this Court, in Mathra Dass v. State of Punjab, (1975)77 P.L.R. 157.
4. It may be mentioned here that the original petitioner Kishan Chand died during the pendency of the Writ Petition. His legal heirs are brought on record as petitioners.
5. In the result, the petitioners (who ate the legal heirs of Kishan Chand) are directed to pay respondent No. 3 Society tehsil Rajpura district Patiala, through Liquidator, a sum of Rs. 3500/- with interest at the rate of-9.37 per cent per annum from December 23,1970, to September 19,1977, and with future interest at the rate of six per cent per annum on Rs. 3500/- from September 19, 1977, till the date of payment and also Rs.250/- towards costs of arbitrator.
6. The petitioners are further given three months time to pay the amounts as aforesaid failing which the properties mentioned in the sale notice dated January 23, 1981, are directed to be sold for the realisation of the amounts due to the Cooperative Society.
7. The Civil Writ Petition is accordingly disposed of. No costs.