1. The opposite party, a member / Director of the petitioner society, instituted a dispute case, bearing Dispute Case No. 47 of 2002-2003, for the following reliefs:

a) Declaring that all actions of the member right from the publication of the notice inviting bids, float of bid documents, the proceedings and resolution in the adjourned Annual General Meeting of the aforesaid Society held on May 5, 2002 accepting the offer of M/s Hi - Rise Apartment Makers Private Limited and acceptance of earnest money and security deposit of Rs.10 lakhs from them and thereafter, were illegal and void; and

b) Permanently restraining the defendants and their men and agents from proceeding further and taking any steps further on the basis of the said illegal resolution; and

c) Costs of the case.

2. Such case was filed before the Registrar, Co - operative Societies and was referred to an arbitrator. The said proceeding culminated in a contested award dated December 21, 2004. The operative portion of the award stood as follows:

"AWARD

1) That the society shall restrain itself from taking any step towards demolishing the existing constructions of the Administrative Building of the society as part of a joint v