K NARENDRA Vs. RIVIERA APARTMENTS PRIVATE LIMITED

JUDGEMENT

(1.) This common judgment shall govern the disposal of Civil Appeals Nos. 1928 and 1929 of 1993 between the same parties and touching the same property.

(2.) The property in suit consists of a plot of Nazul Land known as 6, Tolstoy Marg, New Delhi wherein lease hold rights were vested by the President of India in favour of M/s. Shiv Ram, Mahashaya Krishna and K. Narendra (the appellant herein) in terms of a perpetual lease commencing from 29/05/1956. The relevant and material terms of the lease are extracted and reproduced hereunder :-

(3.) On 25/07/1972, the appellant entered into an agreement to sell, transfer and assign all his rights, title and interest in the said property along with all structures out houses plants etc. in favour of the res-pondents in consideration of a sum of Rs. 8,97,740. 00 for the purpose of constructing a multi-storeyed building by the respondents on the said property. In terms of the agreement a sum of Rs. 50,000. 00 was to be paid at the execution of the agreement vide demand draft dated 25/07/1972 which was done. Another sum of Rs. 2,75,000. 00 was to be paid by a post-dated cheque dated 25/01/1973 which was to be encashed by the appellant after the plans of multi-storeyed building as submitted by the respondents were passed and cleared for construction by NDMC and L and D. O. or earlier by mutual agreement and the balance amount of Rs. 5,72,740. 00 was to be paid after the completion of the said multi-storeyed building. There are a few relevant clauses of the agreement, material for the purpose of these appeals which are extracted and re-produced hereunder :-