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2007 DAILYLAW 2480 (DEL)

JAY VINYLS LIMITED v. BHAGWANTI SAHNI

2007-10-01

Sanjay Kishan Kaul

body2007
SANJAY KISHAN KAUL, J. ( 1 ) THE plaintiff has filed a suit for specific performance of the Agreement to sell dated 22. 10. 1994 in respect of a flat No. D-6, Rajouri Garden, New Delhi, admeasuring 1973 sq. yards. The plaintiff had paid a sum of Rs. 30. 00 lacs as earnest money out of the total agreed consideration of Rs. 2,66,25,000/ -. ( 2 ) THE issues were framed in the suit and the suit was set down for trial. Recording of evidence was completed and the matter was fixed for final hearing. It was during the proceeding for final hearing that learned counsel for the parties stated that there may be a possibility of an amicable solution and took time. ( 3 ) LEARNED counsel for the parties, on instructions, state that the matter has been settled between the parties. Learned counsel for the defendants has also placed on record an authorisation letter to settle in terms of what has been agreed upon between the parties and the said letter dated 29. 9. 2007 is taken on record. ( 4 ) THE parties have agreed as under: i)The defendants shall pay to the plaintiff a sum of Rs. 4. 50 crores on or before 31. 12. 2007 in full and final satisfaction of the claim of the plaintiff arising from the Agreement to Sell dated 22. 10. 1994. On such payment being made, the plaintiff will have no claim whatsoever in respect of the said suit property. ii)The defendants also have the option of making the payment within an extended period of time upto 31. 3. 2008 subject to the defendants paying to the plaintiff interest @12% per annum, simple interest, on the amount of Rs. 4. 50 crores for the period beyond 31. 12. 2007. The title of the property shall not be transferred by the defendants without first making the payment to the plaintiff, as aforesaid. iii)If the payment, as aforesaid, is not made by 31. 3. 2008, the defendants shall transfer their rights in the suit property in favour of the plaintiff by executing the registered documents in that behalf and hand over the vacant and peaceful possession to the plaintiff for which the plaintiff will pay a consideration of Rs. 25. 50 crores within a period of three months thereafter i. e. on or before 30. 6. 2008. 25. 50 crores within a period of three months thereafter i. e. on or before 30. 6. 2008. Thus, the Agreement to Sell dated 22. 10. 1994 would be specifically performed but for an agreed further consideration of Rs. 25. 50 crores in that eventuality over and above Rs. 30. 00 lacs already paid. ( 5 ) THE parties present in Court and their counsels have signed the order sheet in token of the acceptance of the agreement recorded in this order and the consent of the other parties as per the letter dated 29. 9. 2007 giving authorisation in favour of the counsel for the defendants is already taken on record. ( 6 ) SUIT is decreed in the aforesaid terms, leaving the parties to bear their own costs. ( 7 ) DECREE sheet be drawn up accordingly.