K L RAJGARHIA Vs. CANARA BANK

JUDGEMENT

(1.) VIDE a written memorandum captioned: ,,AGREEMENT, Ex.P- 1, dated December 07, 1984, appellant and Canara Bank, a body corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 recorded the terms to which they had agreed.

(2.) THE recitals record that the appellant held, under the President of India, perpetual lease-hold right with respect to Plot No.9, Block B, East of Kailash and was desirous of constructing residential flats on the land. Vide recital No.5 it stands recorded as under:-

(3.) THE operative terms of the agreement, vide term No.1, record that the respondent would pay to the appellant a total sum of RS.32,07,500/- (Rupees Thirty Two Lakhs Seven Thousand Five Hundred only) in installments towards consideration for sale of the flats, being 8 in number, each ad-measuring approximately 1000 sq.ft. Term No.1 records that this consideration would include a transfer of the lease-hold rights in the land.