AYILLYATH YADUNATH NAMBIAR Vs. P. SREEDHARAN

JUDGEMENT

(1.) These two appeals assail the correctness of same judgment and order of Kerala High Court dtd. 12/4/2018 passed in RFA No.269 of 2008 between Puthiyonnan Sreedharan versus Ayillyath Yadunath Nambiar, whereby the said first appeal filed by the defendant was partly allowed; the decree of the Trial Court for specific performance of contract was set aside, however, the defendant was held liable to pay an amount of Rs.50.00 lakhs with interest @12% per annum from 20/1/2005 till realization and also to bear entire cost of proceedings both at the trial level and at the appellate level.

(2.) Civil Appeal No.4943 of 2022 has been filed by the plaintiff with the prayer to restore the decree of the Trial Court whereas Civil Appeal No.4944 of 2022 has been filed by the defendant praying for dismissal of the suit. In view of the cross appeals, the parties are referred to as the plaintiff and the defendant hereinafter.

(3.) The defendant is the owner of both the properties mentioned in the schedule of the property appended to the plaint. According to the plaintiff, the defendant required substantial amount of cash urgently to liquidate his loans which he had taken from certain banks. The defendant had advertised for the sale of his properties but as he did not get any good buyer upon mediation of common acquaintance, he agreed to sell both the properties mentioned in the schedule of properties to the plaintiff and in view of the same, a written agreement was executed on 20/1/2005. As per the agreement, item No.1 of plaint schedule property was settled for a consideration of Rs.70,000.00 per cent and the item No.2 of the plaint schedule property was settled for Rs.75,000.00 per cent. The total sale consideration came to Rs.64,60,600.00. It was also agreed as per the agreement that the sale deed would be executed within a period of four months after receiving the balance consideration.