YUSUF MOHAMED LAKDAWALA Vs. SUDHAKAR KASHINATH BOKADE

JUDGEMENT

(1.) Admit. With the consent of the learned counsel and at their request taken up for hearing and final disposal.

(2.) Appeal 494 of 2007 has been instituted by the plaintiff while Appeal (Lodg. ) 625 of 2007 has been instituted by the defendant in order to impugn the correctness of an ad interim order dated 26th June, 2007 passed by the Learned single Judge. The Learned Single Judge, while issuing an ad interim injunction in terms of prayer clause (a) , restraining the defendant from transferring, alienating or creating any third party rights in respect of the suit property imposed a condition that the plaintiff shall deposit the entire balance of the consideration of Rs. 9. 21 Crores. The plaintiff is aggrieved by the condition of deposit subject to which the order of injunction has been issued, while the defendant is aggrieved by the order of injunction restraining him from alienating the property which forms the subject matter of the suit.

(3.) The application for ad interim relief arises out of a suit for specific performance of an agreement, styled as a Memorandum of Understanding, entered into between the parties on 3rd April, 2006. The Memorandum of understanding recites that the defendant has agreed to sell to the plaintiff the immovable property more particularly described in the Second Schedule at and for a consideration of Rs. 9. 51 Crores. Of the total consideration, an amount of rs. 30 lacs was paid by the plaintiff to the defendant on or before the execution of the agreement. The balance of Rs. 9. 21 Crores was to be paid in the manner indicated in sub-clauses (b) , (c) and (d) of Clause 4 of the agreement which reads as follows :