JUDGMENT

Ramachandra Menon, J.

Interference made by the learned single Judge with regard to enhancement of future interest from 6 % ordered by the Co-operative Tribunal to the 'agreed rate' of 13 % + 2% penal interest as per the terms of the contract with regard to the financial assistance availed by the appellant for 'commercial purpose', is sought to be intercepted by filing this writ appeal.

2. The appellant, who is stated as an agriculturist availed a loan of Rs. 5 lakhs from the first respondent Bank, executing necessary documents with regard to creation of mortgage over the property concerned, specifying the terms. As per the terms of the loan, the amount was to be repaid within 60 months agreeing the rate of interest as '13 %', with liability to satisfy 2 % as penal interest, if at all any default was occurred.

3. Admittedly, there occurred some default and the petitioner was proceeded against by pursuing appropriate steps under Rule 69 of the Kerala Co-operative Societies Rules 1969. Ultimately, the Arbitrator passed an Award as borne by Ext. P6 dated 11.04.2012, whereby a sum of Rs. 7,20,797/- was found as the amount due to be cleared to the society, which was ordered to be pa