The interesting point that has been raised in this case is, as to whether the interest as awarded in the judgment of the learned Prl. District Judge, Erode, in an appeal filed under Section 152 of the Tamil Nadu Co-operative Societies Act, 1983, which is payable at the rate of 6% per annum from the date of the suit as against the contractual rate of interest, is permissible in law?

2. The Nasiyanur Co-operative Housing Society is the petitioner in this writ petition challenging the judgment of the fourth respondent dated 2.02.2006 rendered in CMA.No.69 of 2004 and to quash the same.

2(a). The first respondent, borrowed a sum of Rs.1,20,000/-from the petitioner Society for the construction of house on 20.09.1995 and the borrowal was based on the mortgage deed, by which she agreed to repay the loan with interest at the rate of 16.5% per annum. Since the said amount was not paid by the first respondent, the petitioner Society preferred an arbitration suit before the third respondent, the Arbitrator, for recovery of an amount of Rs.1,48,540/-together with interest thereon and the same was numbered as ARC.No.62 of 1999-2000 and a decree was passed for a sum of Rs.2,33,209/- on