This writ petition is directed against an Award dated 16th January 1998 passed in dispute Case No. 35/1993-94. The facts give rise to the present writ petition may be summarised as follows:-

The writ petitioner took a loan amounting to Rs.2 lakhs 19 thousand from the respondent/Co-operative Bank for purchasing a new bus during the period from 2.1.86 to 13.6.87. In default, in making repayment of the said loan, the bus which was purchased by the writ petitioner and remained hypothecated to the respondent/Co-operative Bank was sold in auction on 23rd May, 1992 at a bid price of Rs.2 lakhs 28 thousand. Rupees 1 lakh 15 thousand was adjusted against the principal amount and the balance was adjusted against interest. The writ petitioner thereafter having failed to pay the balance of the principal with accrued interest thereon the respondent/Co-operative Bank raised a dispute under Section 95 of the West Bengal Co-operative Societies Act, 1983 (hereinafter referred to as the said Act). Evidently, the Registrar Co-operative Societies, Midnapur Division upon receipt of the said claim of the Co-operative Bank against the writ petitioner, referred the same for adjudication by an Arbit