The main legal point established in the judgment is that the resolutions adopted by the General Body Meetings of the cooperative housing society permitted the levy of interest at 18% for default in payment of 10th and 11th instalments, and the petitioner was found liable to pay the interest as per the valid resolutions.

( 1 ) THIS petition has been preferred by the petitioner as against the order passed by the Appellate Authority, namely, the Financial Commissioner dated 20. 8. 1998 dismissing the appeal filed by the petitioner as against the order of the Joint Registrar, Cooperative Societies dated 21. 5. 1998 directing the petitioner to pay interest @ 18% on the 10th and 11th instalments for the period of default.

( 2 ) THE petitioner is a member of the Delhi Government Officers Cooperative Group Housing Society Limited. The petitioner was also an office bearer of the Managing Committee of the Society and for some time he was also the President of the Society.

( 3 ) THE Society is a Group Housing Society which constructed three types of flats, namely Type B, Type at and Type A. The initial cost as approved by the General Body was for Type A Rs. 2,61,200. 00, Type at Rs. 3,56,000. 00 and Type B Rs. 4,42,000. 00. The aforesaid cost was divided into nine instalments and the General Body Meeting held on 17. 12. 1989 resolved that penal interest at the rate of 18% would be charged from the defaulters in respect of the said nine instalments.

( 4 ) MY attention is drawn to the Minutes of the General Body Meeting of the Society held on 17. 12. 1989 and to the Resolution adopted therein which indicates that it was resolved by the General Body that the last instalment, i. e. covering all the costs incurred on the construction work would be paid by 30. 6. 1990 and thereafter interest @ 18% would be levied on the defaulting members.

( 5 ) THE petitioner who was appointed as the Secretary of the Sub-Committee by his letter to the Members of the Society intimated amongst others that a further amount of Rs. 34,000. 00 shall have to be paid for B Category by 15. 4. 1993. The said letter is dated 20. 3. 1993 and has been placed on record as Annexure R-4. On 10. 4. 1993, the Secretary of the Society informed all the members that the Managing Committee has decided to extend the spirit of the General Body Resolution adopted on 14. 2. 1993 with regard to the provision of 15% incentive interest and 18% default interest to subsequent demands. It was made clear that those members who do not make the payment by 15. 4. 1993 of the amount called for by the Sub-Committee in its letter dated 21. 3. 1993, which is the letter written by the petitioner, the said members would be liable to pay default interest at the rate of 18%.

( 6 ) IT further transpires from the records placed by the respondents alongwith the counter affidavit that a General Body Meeting was held on 4. 9. 1994 wherein it was resolved by the General Body to adopt the Resolution which was adopted by 17 votes to 6. The said Resolution is extracted herein below :

"on all instalments upto 9th instalment, the interest will be charged and appropriated in the manner approved by the general body in the meeting held on 6. 2. 1993. Those members who pay the 10th instalment by 30. 9. 1994 and 11th instalment by 31. 10. 1994, will not be required to pay interest on the said instalments, Those members who will fail to pay the 10th instalment by 30. 9. 1994, shall be liable to pay interest thereon w. e. f. 16. 4. 1993. Similarly those who will fail to clear the 11th instalment by 31. 10. 1994, shall be liable to pay interest thereon w. e. f. 1. 5. 1994. The rate and manner of appropriation of interest will be the same as approved by the General Body on 6. 2. 1993.

( 7 ) I am also informed by the Counsel for the respondent-Society that except for the petitioner, all other members have paid interest in case of default at the rate of 18% per annum on the 10th and 11th instalments and that it is only the petitioner who is aggrieved by the aforesaid levy of interest and is agitating the matter.

( 8 ) IN terms thereof, interest at the rate of 18% was charged from the petitioner who was a defaulting member, being aggrieved by which the petitioner filed a petition under Section 60 of the Delhi Cooperative Socie