https://www.taxtmi.com/caselaws?id=309838 Proceedings under the Co-operative Societies Act follow the Act and Rules as a special statutory code, so the general procedure in Order 34 Rule 11 CPC does not apply unless expressly incorporated. The civil court mortgage principle relied on before the Tribunal was therefore inapplicable to adjudication by the Co-operative Arbitration Court, Arbitrator or Registrar. Rule 67(10)2 permits future interest only up to the contract rate, but penal interest is an additional default levy and cannot be treated as part of that rate for future interest. The Arbitrator or Registrar may nonetheless fix future interest at the contract rate or a lower rate, having regard to the loan terms and the facts of the case. en-us Fri, 30 May 2003 00:00:00 +0530 Fri, 22 Sep 2023 18:41:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309838 Proceedings under the Co-operative Societies Act follow the Act and Rules as a special statutory code, so the general procedure in Order 34 Rule 11 CPC does not apply unless expressly incorporated. The civil court mortgage principle relied on before the Tribunal was therefore inapplicable to adjudication by the Co-operative Arbitration Court, Arbitrator or Registrar. Rule 67(10)2 permits future interest only up to the contract rate, but penal interest is an additional default levy and cannot be treated as part of that rate for future interest. The Arbitrator or Registrar may nonetheless fix future interest at the contract rate or a lower rate, having regard to the loan terms and the facts of the case. Case-Laws Indian Laws Fri, 30 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309838