Petitioner is the Chairman of People's Urban Co-operative Bank Ltd. No.51, a co-operative society registered under the Kerala Co-operative Societies Act. Action was initiated against respondents 1 and 2 to realise the loan amount taken by them from the Society. First respondent had taken a loan of Rs.5,000/- on 18-5-1983 under the housing loan scheme on mortgage of five cents of land. As the first respondent failed to repay the principal amount with interest as per the terms of the loan agreement despite repeated demands Society initiated arbitration proceedings against him as per AR.C. 589 of 1989. Society obtained arbitration award dated 28-7-1989 for the recovery of Rs.8,227.25 with interest at the rate of 19% from 1-2-1989. As the first respondent failed to remit the award amount, Society initiated execution proceedings by filing E.P. 108 of 1991 before the 4th respondent. 3rd respondent was appointed as the Sale Officer for the sale of the immovable property in execution of the award. Though similar action was taken against the second respondent for realisation of the loan amount/she had taken from the Society, she had paid the entire money due to the society.

2. Pe