HIMALAYA BUILDERS AND DEVELOPERS Vs. UNION OF INDIA

JUDGEMENT

(1.) THESE two writ petitions can be conveniently disposed of by this common judgment. However, for the sake of convenience we shall deliver the judgment in Writ Petition No. 687 of 1993.

(2.) THE petitioner in Writ Petition No. 687 of 1993 is a partnership firm carrying on business of building houses and developing sites for houses. By an agreement dated 20-5-1992 the petitioner purchased Plot No. 29 Sheet No. 21-A admeasuring approximately 9206 sq. ft. for construction of a building thereon. The said Plot No. 29 belonged originally to one Balkrishna Mukundrao Satwalekar. He expired on 25-1-1991. He had left behind him his widow, one son and two daughters. His widow expired on 24-10-1991. The aforesaid agreement of sale was executed on 20-5-1992 by the son of the deceased Balkrishna, viz. Parag and was consented to by his two daughters.

(3.) PERUSAL of the agreement of sale dated 20-5-1992 shows that the consideration agreed to between the parties was Rs. 18,42,000/- for the purchase of the said plot, out of which an amount of Rs. 51,000/- was paid by the petitioner to the Vendors at the time of the execution of the said agreement dated 20-5-1992 and the balance consideration of Rs. 17,91,000/- was to be paid to the Vendors by the petitioners in instalments as shown in para 1 of the said Agreement of sale. In case of default of payment of the above instalments on the due date, the petitioner was required to pay interest upon the same for delayed payment at the rate of 18% per annum from the due date till payment. The petitioner was to construct residential apartments on the suit land and the Vendor was required to execute the regular sale-deed of the suit plot in favour of the nominee of the petitioner within six months next after the date of receipt of full payment of the entire amount of consideration agreed to between the parties.