ROHIT TYAGI Vs. LATE SHRI BRIJESH SOOD

JUDGEMENT

(1.) Present suit has been filed for specific performance, damages as well as mandatory and permanent injunction. The admitted position is that defendant nos. 1 to 3 are the joint owners of second and third floors of M-16, Greater Kailash, Part-I, New Delhi-110048 (hereinafter referred to as "suit property?).

(2.) It is alleged in the plaint that the plaintiff entered into a lease agreement dated 21st August, 2009 with defendant nos. 1 and 3 with regard to suit property for a period of nine years, w.e.f. 15th December, 2009 at a monthly rent of Rs. 1,50,000/- for first three months and thereafter for three years at a monthly rent of Rs.1,80,000/- and subsequently the rent was to be increased by 15% every three years.

(3.) It is alleged in the plaint that defendant nos. 1 and 2 kept taking petty loans from the plaintiff without refunding the same. It is stated that in December, 2009 the defendants approached the plaintiff for financial help in form of a secured loan by mortgaging suit property. It is the case of the plaintiff that on 10th December, 2009 the defendant no. 1 entered into a Loan Agreement and Promissory Note with defendant no. 11 wherein defendant no. 11 gave a secured loan of Rs. 72,00,000/- against the mortgage of the suit property to defendant no. 1 for a tenure of four years on interest at the rate of 1.2% per month. Learned counsel for the plaintiff states that defendant no. 1 handed over three cheques in favour of defendant no. 11 for a total sum of Rs.72,00,000/- as a security and the plaintiff with bonafide intent stood as a sole guarantor to the transaction and also gave an undated cheque amounting to Rs. 72,00,000/- to the defendant no. 11 as a security. He points out that in case of failure to repay the aforesaid secured loan along with interest, defendant no. 11 was at liberty to recover the same by selling the suit property.