JUDGMENT

VERMA, J.:—Leave is granted.

2. Respondent No. 6, Jupiter Co-operative Group Housing Society Limited, was formed in 1979 for providing houses to its 130 members including the appellant Prem Jeet Kumar. The appellant was earlier the Secretary and then the President of the Society till 1985, by which time substantial construction had been completed. The members were allotted three-room flat for a sum of Rs. 1,10,000/-. In August, 1985, respondent No. 3, Registrar, Delhi Co-operative Societies, appointed an Administrator to look into the affairs of the Society since the appellant and other office bearers had held the office for more than two terms. The controversy giving rise to this proceeding relates to the alleged discrepancy regarding purchase of some building material in January, 1984, for the construction of flats for members of the Society in Vikas Puri at New Delhi. The New Managing Committee of the Society formed in September, 1986, complained to the Registrar, Co-operative Societies alleging irregularities by the previous Managing Committee of which the appellant was the President. This matter was referred to arbitration by order dated 12-10-1989 passed by the Joint