1. This revision petition has been directed against the order of Registrar, Cooperative Societies, Jammu dated 28.3.2009, by virtue of which he has not granted any interest on the outstanding of loan taken by Respondent no. 1. And further held that guarantors shall be subjected to proceeding of recovery, if principal debtor fails to make payment. 2. Order impugned has been challenged on the ground that Court below has not properly appreciated the interest of Financial Institution. That order passed is against facts and law. That as per law, principal as well as gurantors is jointly and severally liable to liability. 3. I have heard Petitioner's counsel and gone through the record of Court below. 4. It appears that the Respondent no.1 approached the Bank for loan of Rs. 1, 00,000/- for running business. This offer was accepted and after proper execution of documents loan amount was advanced. Respondents 2 and 3 stood as guarantors. Thereafter Respondent no.1 became defaulter and Rs. 211161/- became outstanding as on 3/8/2007. Bank issued legal notice on 14/8/2007, but without any result. 5. After that a arbitration petition u/s 70 of act was filled before Joint Registrar, which transferred to Add. Registrar and later on recalled by Registrar. There all respondents did not appear regularly to defend case. Registrar accordingly allowed the petition, but it was held that interest after 3/8/2007 shall be negotiated as per Interest Rebate Scheme and that guarantors shall be subjected to proceeding of recovery, if principal debtor fails to make payment. 6. Here also all the respondents are in ex-parte. So conduct of respondents also show, as to how serious are respondents in defending case. 7. Main argument of the Petitioner Counsel is that, Court below has not imposed the interest on amount after 3/8/2007, so Court below has exercised jurisdiction which was not vested to him and so there involve question of law. 8. I have given my thought consideration to whole aspects of matter. 9. Banks and Financial Institutions are dependent and survive on interest on loan which is charged from loanee. In case interest on loan amount are being waived off without any reasonably cause, then Bank and Financial Institution will become non functional and their employee would not get pay. Perusal of impugned order shows that no reason has been given for not imposing the interest after 3/8/2007. In case interest on loan amount are being waived off without any reasonably cause, then Bank and Financial Institution will become non functional and their employee would not get pay. Perusal of impugned order shows that no reason has been given for not imposing the interest after 3/8/2007. Benefit under interest Rebate scheme was never asked by respondents, because, they never defended their case before court below as is evident from record and order impugned. 10. Further law is very much clear that principal as well as guarantors are jointly and severally liable. As per section 128 of Contract Act liability of surety/guarantor is co-extensive with that of principle debtor. 11. It has become a trend nowsadays, by mischievous or trickster person to avail lone from bank or financial institution, with very intention not to repay it. If it is not curbed, than banks or financial institutions will be ruined and public money will be swallowed. 12. Accordingly, this revision petition is allowed and impugned order is modified to the extent that respondents shall also pay an agreed interest till realization of amount due. All the respondents shall jointly or severely liable. Already much time has expired, so Bank shall take coercive steps in recovering the amount. File of court below is sent back along with order. Present file be consigned to record.