Partly allowed

Q.1151 Kariyapatti Teachers and v. S.Veluchamy

Madras HC21 Jul 2022CRP(MD)/1337/2021

Case brief

AI extract

What is this about?

The Madurai Bench of Madras High Court disposed of civil revision petitions filed by a cooperative society to modify a lower court order that reduced interest rates on loans. The Court fixed the interest rate at 14% per annum based on counter submissions from the respondents to settle their dues.

What did the court decide?

The civil revision petitions were disposed of by modifying the impugned orders to fix the rate of interest payable by private respondents at 14% per annum. No costs awarded.

Q.1151 Kariyapatti Teachers and Vs S.Veluchamy — Company and Corporate | Madras HC (2022)

¶1

C.R.P(MD)Nos.1337 to 1339 of 2021

¶2

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

¶3

Dated: 21.07.2022

¶4

CORAM:

¶5

THE HONOURABLE MR.JUSTICE B.PUGALENDHI

¶6

C.R.P(MD)Nos.1337 to 1339 of 2021 and CMP(MD)No.7688, 7689 and 7694 of 2021

¶7

CRP(MD)No.1337 of 2021

¶8

Q-1151 Kariyapatti Teachers and Panchayat Union Employees Co-Operative Thrift and

¶9

Credit Society Ltd,

¶10

represented by its Secretary,

¶11

Kariyapatti, Virudhunagar District.

¶12

... Petitioner Vs

¶13

1.S.Veluchamy

¶14

Sub Registrar of Co-Operative Societies, Q-1151 Kariyapatti Teachers and Panchayat Union Employees Co-Operative Thrift and Credit Society Ltd, Kariyapatti, Virudhunagar District.

¶15

2.The Deputy Registrar of Co-Operative Societies, Aruppukottai Circle, Virudhunagar District.

¶16

3.P.Subbaraj

¶17

4.M.Ayyavu ... Respondents

¶18

1/7

¶19

https://www.mhc.tn.gov.in/judis

¶20

C.R.P(MD)Nos.1337 to 1339 of 2021

¶21

PRAYER: Civil Revision Petition is filed under Article 227 of the Constitution of India, to set aside the judgment and decree passed in CMA(CS)No.14 o 2020 dated 26.11.2020 by the Principal District and Sessions Court, Virudhunagar at Srivilliputhur, so far as relating to the rate of interest is concerned.

¶22

[prayer amended vide order dated 21.07.2022 in CMP(MD)No. 8314 of 2021]

¶23

For Petitioner : Mr.D.Shanmugaraj Sethupathi For Respondent : Mr.G.V.Vairam Santhoh No.2 Additional Government Pleader For Respondent : Mr.S.M.Anantha Murugan No.3 For Respondent : No appearance 1 and 4

¶24

CRP(MD)No.1338 of 2021

¶25

Q-1151 Kariyapatti Teachers and Panchayat Union Employees Co-Operative Thrift and Credit Society Ltd, represented by its Secretary, Kariyapatti, Virudhunagar District.

¶26

... Petitioner

¶27

¶28

1.The Deputy Registrar of Co-Operative Societies, Aruppukottai Circle, Virudhunagar District.

¶29

2.P.Sankaranarayanan ... Respondents

¶30

2/7

¶31

https://www.mhc.tn.gov.in/judis

¶32

C.R.P(MD)Nos.1337 to 1339 of 2021

¶33

PRAYER: Civil Revision Petition is filed under Article 227 of the Constitution of India, to set aside the judgment and decree passed in CMA(CS)No.15 of 2020 dated 26.11.2020 by the Principal District and Sessions Court, Virudhunagar at Srivilliputhur, so far as relating to the rate of interest is concerned.

¶34

[prayer amended vide order dated 21.07.2022 in CMP(MD)No. 8316 of 2021]

¶35

For Petitioner : Mr.D.Shanmugaraj Sethupathi For Respondent : Mr.G.V.Vairam Santhoh No.1 Additional Government Pleader For Respondent : Mr.S.M.Anantha Murugan No.2

¶36

CRP(MD)No.1339 of 2021

¶37

Q-1151 Kariyapatti Teachers and Panchayat Union Employees Co-Operative Thrift and Credit Society Ltd, represented by its Secretary, Kariyapatti, Virudhunagar District.

¶38

... Petitioner Vs

¶39

1.S.Veluchamy Sub Registrar of Co-Operative Societies, Q-1151 Kariyapatti Teachers and Panchayat Union Employees Co-Operative Thrift and Credit Society Ltd, Kariyapatti, Virudhunagar District.

¶40

3/7

¶41

https://www.mhc.tn.gov.in/judis

¶42

C.R.P(MD)Nos.1337 to 1339 of 2021

¶43

2.The Deputy Registrar of Co-Operative Societies, Aruppukottai Circle, Virudhunagar District.

¶44

3.G.Ramesh

¶45

4.S.Sethupathi ... Respondents

COMMON ORDER

These civil revision petitions are filed by the

¶50

petitioner society as against the order dated 26.11.2020 passed by the Principal District and Sessions Judge, Virudhunagar, reducing the rate of interest payable by the private respondents to the society.

¶51

4/7

¶52

https://www.mhc.tn.gov.in/judis

¶53

C.R.P(MD)Nos.1337 to 1339 of 2021

¶54

2.The learned Counsel for the petitioner submits that the private respondents have availed loan from the petitioner society and they defaulted in repayment. Therefore, the society has initiated arbitration proceedings under Section 90 of the Tamil Nadu Co-Operative Societies Act and award was passed directing the private respondents to repay the amount with 18.5% interest. As against the same they have filed appeal and in the appeal though the award was upheld, the rate of interest was reduced from 18.5% to 6% per annum. Challenging the said orders reducing the interest rate this civil revision petitions have been filed.

¶55

3.The learned Counsel for the petitioner by referring the counter filed by the private respondents submits that the respondents are prepared to pay interest at the rate of 12% to 15% per annum and therefore, requested this Court to modify the impugned order accordingly.

¶56

4.The learned Counsel for the private respondents submits that in order to give quietus to the issue the respondents have filed counter that they are ready to 5/7

¶57

https://www.mhc.tn.gov.in/judis

¶58

C.R.P(MD)Nos.1337 to 1339 of 2021

¶59

settle the due with interest between 12% and 15% and however, prayed this Court that the interest may be fixed at 14% per annum.

¶60

5.In view of the request made on either side, in order to give quietus to the issue, the civil revision petitions are disposed of fixing the rate of interest payable by private respondents as 14% per annum. The impugned orders are modified to that extent. No costs. Consequently connected miscellaneous petitions shall stand closed.

21.07.2022

dsk

The Principal District and Sessions Judge, Virudhunagar at Srivilliputhur.

¶65

6/7

¶66

https://www.mhc.tn.gov.in/judis

¶67

C.R.P(MD)Nos.1337 to 1339 of 2021

¶68

B.PUGALENDHI, J.

¶69

dsk

¶70

C.R.P(MD)Nos.1337 to 1339 of 2021

¶71

21.07.2022

¶72

7/7

¶73

https://www.mhc.tn.gov.in/judis

Q.1151 Kariyapatti Teachers and v. S.Veluchamy

Case brief

What is this about?

What did the court decide?

Q.1151 Kariyapatti Teachers and v. S.Veluchamy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

P.Nimmy Vs G.Arun Vishagam

N. Shanthi Vs D. Pradeep

S.Bhuvaneswari Vs K.Muraliganesan

K.Manoharan Vs P.Revathy

Mallika Vs Manimekalai

Senbagavalli Vs Anantharajan