SATNAM DASS Vs. TIRLOK PAL SINGH

JUDGEMENT

(1.) In pursuance to what was recorded on 02.07.2007, the two LRs of the sole defendant have stated that, according to them, the market price of the property should be Rs.5,40,00,000/-. Learned counsel for the plaintiffs on instructions from the plaintiffs states that the best price, according to them, is Rs.4,00,00,000/-.

(2.) In view thereof, in terms of the arrangement agreed to on 02.07.2007, the plaintiffs would give up their rights in the property on payment of 50% of the profits. Out of the total sale consideration of Rs.5,40,00,000/-, the balance sale price as per the original Agreement to Sell of Rs.31,50,000/- has to be deducted Rs.2,00,000/- was paid as advance). Thus, the net profits would be Rs.5,08,50,000/- and 50% of the said share would come to Rs.2,54,25,000/-. On payment of this amount to the plaintiffs, the plaintiffs agree to surrender their rights under the Agreement to Sell dated 16.10.1987 and would claim no right, title or interest in the suit property after such payment. It has already been agreed that this payment would be made by the LRs of the defendant within 90 days from today. At request of the plaintiffs, it is further agreed that out of the payment to be made by the LRs of the defendant, 25% amount would be paid to plaintiff No. 1, 50% to plaintiff No. 3 and 25% to plaintiff No. 4. It may also be noticed that plaintiff No. 2 had passed away and plaintiff No. 3 is impleaded as LR. Till such payment is made, the amount would stand charge on the property. The interim orders of injunction against the defendant against sale or transfer dated 25.03.1988 and subsequently affirmed stand vacated. In case the LRs of the defendant seek to sell the property, they will inform the proposed purchaser of the extent of the charge of the plaintiffs on the said property. This is with the object of ensuring due compliance of payment to the plaintiffs as agreed upon.

(3.) An apprehension was expressed by learned counsel for the plaintiffs about the possibility of default on the part of the LRs of the defendant. In order to secure an equitable settlement, the LRs of the defendant present in Court state that in case of any delay in payment beyond 90 days, they would pay simple interest @ 18% p.a. for the period of delay upto a period of 180 days from today and in case even within the extended period of time, they are unable to pay the agreed amount with interest, the rights in the property may be transferred to the plaintiffs for the stated consideration of Rs.4,00,00,000/-. This would imply that along with the initial balance price, the plaintiffs would have to pay to the LRs of the defendant Rs.2,31,50,000/- and the LRs of the defendant would have to ensure clear title and possession to the plaintiffs in return. The claims of other relations of the deceased defendant, if any, would be satisfied by the LRs of the defendant themselves even in this eventuality.