J K PANTHAKI Vs. C M TIWARI

JUDGEMENT

(1.) THE appellant has filed this appeal being not satisfied with the partial decree granted to him by the City Civil Court, Bangalore, on 18.08.2006 in O.S.No.7809/1995. Cross -objection is filed by the respondent -defendant challenging the decree granted by the court below in favour of the respondent -cross objector to pay a sum of Rs.15,00,000/ - with interest at 12% p.a. from 03.09.1994 till 21.11.1995 and at the rate of 9% p.a. from the date of suit on Rs.15,00,000/ - and also not satisfied with the set off granted in favour of the respondent in a sum of Rs.4,00,000/ -.

(2.) HEARD the learned counsel for the parties.

(3.) THE facts leading to this appeal are as follows: Plaintiff is a builder, developer and a contractor. The defendant is the owner of the suit property. The plaintiff and defendant entered into an agreement on 14.11.1990, wherein the plaintiff was permitted to construct a multistoreyed residential apartment and after completion of the building, the defendant is entitled for 43% of the built up area and the plaintiff is entitled for the remaining 57%. As per the terms and conditions of the agreement, the plaintiff was required to pay a sum of Rs.19,00,000/ - as refundable interest free deposit to the defendant before the defendant put the plaintiff in possession of the property. Accordingly, Rs.19,00,000/ - was paid by the plaintiff to the defendant. The agreement was entered into on 14.11.1990. Later on, one more agreement was entered into on 15.03.1991, whereunder the defendant agreed to pay a sum of Rs.5,00,000/ - towards the extra cost involved for construction of the fourth floor and providing fire force requirement which amount was to be paid by the defendant to the plaintiff along with Rs.19 lakhs at the time of the defendant putting in possession of the constructed area.