( 1 ) THE present writ petitioner is a Guarantor to Purulia co-operative Bank Ltd. (hereinafter referred to as the said Bank) for obtaining loan of Rs. 45,000 at an interest of 10% per annum by the respondent Nos. 7 end 8, namely, Biswanath Chatterjee and Smt. Tapati Chatterjee who are carrying on business under the name and style of Bichitra Sales Corporation at purulia, dealing in various kinds of electrical goods etc.

( 2 ) THE respondents Nos. 7 and 8, however, failed to repay Rs. 44,999. 99 on account of "principal" and Rs. 6,743 40 on account of "interest" after expiry of the relevant date i. e. June 28, 1975 and accordingly, the Bank, by service of registered notice dated October 30, 1975, called upon the said respondents Nos. 7 and 8 to repay the said amount.

( 3 ) THEREAFTER, a dispute under Section 86 of the West Bengal Co-operative societies Act, 1973 (hereinafter referred to as the said Act) was raised before the Assistant Registrar, Co-operative Societies, Purulia at the instance of the respondent-Bank, and Arbitration Case No. 5 of 1975-76 was started, which was not contested by respondents Nos. 7 and 8.

( 4 ) THE Writ Petitioner being the guar