ANDHRA GRAPHITE P LTD Vs. JOBING SYNDICATE

JUDGEMENT

(1.) AS No.2399 of 2001 is an appeal by the defendant against the judgment and decree in a suit OS No.379 of 1995 filed for specific performance on the file of the II Additional Senior Civil Judge, Visakhapatnam dated 7.3.2001. The said decree directed the appellant/defendant to execute and register a sale deed in favour of the plaintiff respondent herein by receiving the balance sale consideration with interest at 18% from the date of suit. The respondent/plaintiff was also aggrieved by the said decree to the extent of directing payment of interest on the balance sale consideration and has filed a separate appeal being AS No.448 of 2002 on 23.7.2001 against the said decree. The defendant had also filed a counterclaim in the suit OS No.379 of 1995 seeking eviction of the plaintiff and for damages and the same was dismissed by the trial Court while decreeing specific performance in favour of the plaintiff. The defendant, therefore, has filed Cross-Objections (SR) No.86461 of 2001 in AS No.448 of 2002 to the extent of rejection of counter-claim.

(2.) BOTH the appeals and the cross- objections have been heard at length. The learned Advocate General appearing for the defendant/cross-objector had made detailed submissions in support of the cross-objections against the decree and has also made elaborate submissions against the decree for specific performance granted in the said suit OS No.379 of 1995. Mr. V.S.R. Anjaneyulu, learned Counsel for the plaintiff has also equally and elaborately argued in support of sustaining the decree for specific performance and had also very seriously opposed the maintainability of the cross- objections as well as merits thereof.

(3.) THE plaintiff alleged that around July 1990 the defendant conceded to sell the unit to the plaintiff on outright basis for which negotiations and discussions were held and it was agreed to sell the unit to the plaintiff for total consideration of Rs.9,00,000/-, which resulted in drawing of the suit agreement Ex.A13 dated 1.8.1990. Suffice it to notice that as per the plaint allegations the defendant was to obtain permission from APIIC to change the nature of business so as to enable the plaintiff to manufacture steel and the defendant was also to obtain necessary clearance from APIIC, SBI, APSEB and APGST by discharging the due amounts. THE amount of Rs.9,00,000/-, which was fixed as consideration was payable as Rs.2,50,000/- on the date of agreement and out of the balance - Rs.50,000/- on or before 1.10.1990; Rs.3,00,000/- on or before 31.7.1991 and another amount of Rs.3,00,000/- on or before 31.7.1992. THE plaintiff alleges that as he has already paid Rs.85,000/- under the cheque dated 15.6.1990 itself, he had paid Rs.1,65,000/- in cash and thereby the defendant acknowledged the receipt of Rs.2,50,000/- on the date of agreement, as the first installment.