UPENDRA NATH BOSE Vs. LALL

JUDGEMENT

(1.) THIS is an appeal from a decree of the High Court of Judicature at Patna by which it was ordered that the award hereinafter mentioned should be filed and made a decree of the Court.

(2.) THE appellant, one Upendra Nath Bose, had in the year 1908 purchased in execution sale the proprietary right in the Village Raitar in the Patna district subject to incumbrances. In the year 1912 his friend, Ishwari Prasad, advanced to him a sum of Rs. 50,000 for the purpose of partially clearing off the incumbrances and upon the terms that he should have an option to acquire a half share in the village in lieu of the repayment of his loan. This option he exercised in or about the year 1914. No conveyance was executed; the matter continued to rest on contract, but thenceforward he enjoyed a half share of the profits of the village.

(3.) ULTIMATELY the parties referred to two arbitrators differences which had arisen, as stated in the agreement of reference, "regarding the accounts and transfer of Raitar property." In the course of the arbitration it was suggested and agreed between the parties that a sum should be fixed upon the payment of which the respondents should have no claim to share in the village. This course was adopted by the arbitrators, who made their award on August 1, 1930. By paragraph 1 thereof they dealt with the accounts between the parties, finding the amounts due and directing payment with interest. By paragraph 2 they dealt with "the transfer of Raitar property," in the following terms:- The relevant facts leading up to this litigation are as follows:-(2) That Babu Upendra Nath Basu requested us that instead of transferring the above said Raitar property to the second party he may be allowed to pay any sum fixed by us in lieu thereof so as to save the property from being ruined and we were asked by the parties to fix the sum to be so paid by the first party to the second party. We accordingly direct that the said Babu Upendra Nath Basu do pay rupees fifteen thousand, three hundred and fifty to each of the four gentlemen of the second party, that is to say a total sum of rupees sixty-one thousand and four hundred as the equivalent of the share of the second party in the said property, with interest at six per cent, per annum accruing from the first of October 1930. If the said amount is not Paid by the first of October 1931, the rate of interest thereafter shall be seven and a half per cent, per annum on whole or any balance left unpaid. The ownership of the second party in one-half of Raitar property shall not cease till after the above sum of rupees sixty-one thousand and four hundred as well as the amounts mentioned in the statement exhibit B together with interest specified in respect of both be fully paid up.