Judgment

SINHA, C.J.I. : This appeal on a certificate granted by the High Court of Judicature at Bombay is directed against the Judgment and order of a Division Bench of that Court, dated March 12, 1959, reversing those of the Judge of the Bombay Civil Court, passed in Chamber Summons, in Arbitration Case No. A.B.N./C.H.O.-2310/88 of 1954-55.

2. It is necessary to state the following facts in order to bring out the points in controversy between the parties. The Happy Home Co-operative Housing Society Ltd.,-Hereinafter referred to as the Society -was registered in February 1949. It obtained a lease of a piece of land measuring about 12 thousand sq. yards, situated at Nehru Road, Vile Parle (East) Bombay. The Society divided this land into 17 plots to be allotted to each one of its members for building purposes. A member was under the obligation of payment of premium, annual rent of Re. 1, and other incidental charges and to construct a house on the plot. The Society advanced loans to the members to enable them to construct their houses. The premium in respect of the land and the loan advanced, as aforesaid together with interest, was repayable in monthly instalments. Accordingly Plot