S. Banerjee, J. - (1.) The writ petitioners question the validity of the proceedings under the Andaman and Nicobar Islands Cooperative Societies Regulation, 1973 and the rules framed thereunder.
(2.) The petitioner No.1 obtained a loan from the respondent cooperative bank and, apparently, defaulted in making payment of the amount due to the cooperative bank. The cooperative bank invoked the provisions of the Andaman and Nicobar Islands Cooperative Societies Regulation, 1973 (hereinafter referred to as the said Regulation) and applied before the Registrar of Cooperative Societies for adjudication of the matter between the first petitioner and cooperative bank by way of arbitration. An arbitral award was made and, in accordance with the procedure under the said Regulation and the rules framed thereunder, the arbitral award was carried to the Lieutenant Governor. The two vehicles that were purchased by the writ petitioner society with the loan obtained, were disposed of by the bank and a part of the dues was satisfied. The appellate authority under the said Regulation directed attachment of the property of the surety by an order dated May 24, 2007. In the present proceedings, the petitioners challenge the basis of the assumption of jurisdiction by the several authorities under the said Regulation.
(3.) The petitioners have restricted their argument at the hearing to this solitary point that the authorities who have made orders following the invocation of arbitration by the respondent cooperative bank, have all acted without jurisdiction.;