It appears, one Yogeshwar Reddy, the elder son of the first petitioner obtained loan from the second respondent Bank for establishing his business. According to the petitioners, the said Yogeshwar Reddy obtained their signatures on some blank papers and used them for the purpose of obtaining loan as if petitioners are sureties. It is the case of the petitioners that they have no knowledge about the said loan and they never stood as sureties and that was the subject matter of dispute under Section 61 of the A.P. Cooperative Societies Act, 1964 before the third respondent-Arbitrator. After hearing all the parties, the Arbitrator passed award in A.R.C.No.8/99-OSD dated 26.2.2001 holding that the respondents therein are jointly and severally liable for payment of the amounts due. Aggrieved by the same, petitioners filed C.T.A.No.65 of 2001 before the A.P. Cooperative Tribunal, Hyderabad. Along with the appeal, they also filed I.A.No.296 of 2001 seeking stay of the award dated 26.2.2001. The said I.A. was disposed of by order dated 30.4.2001 directing the petitioners to deposit 50% of the amount due mentioned in the award i.e. Rs.33,51,359/- within a period of one month i.e. on or before 30.5.2001, failing which, the interim stay shall stands vacated. Aggrieved by the same, the present writ petition is filed.
