SAGI VENKATESWARA RAJU Vs. SRI VENKATESWARA CONSTRUCTIONS

JUDGEMENT

(1.) This Civil Revision Petition is filed by the petitioner against the Judgment and decree, dated 3.12.2020 passed in C.M.A.No.79 of 2019 on the file of the Court of XII Additional District Judge, Visakhapatnam, confirming the order and decree dated 15.10.2019 in I.A.No.497 of 2019 in O.S.No.1105 of 2019 on the file of the Court of Rent Controller -cum-IV Additional Junior Civil Judge, Visakhapatnam.

(2.) The petitioner before this Court is the defendant in the above suit and the respondent is the plaintiff. They have been referred as the same parties in the suit.

(3.) Brief facts of the case are that the plaintiff is a Firm, which was registered under the name and style of M/s. Sri Venkateswara Constructions and it is involved in construction activities. The defendant is the absolute owner of the plaint schedule property in an extent of 366.72 square yards in plot No.18 of FCI Layout vide TP.No.10/7 covered by Survey No.104/1, part of Marripalem Village within the limits of Greater Visakhapatnam Municipal Corporation (for short 'GVMC'). Being owner of the said property, the defendant has taken mortgage loan of Rs.1,90,00,000/-from the Visakhapatnam Co-operative Bank Limited, Main Branch, Old Katta Road, Visakhapatnam. Due to his financial crisis, the defendant requested managing partner of the plaintiff firm by name Garapati Venkateswara Rao - to pay the said outstanding amount to the said bank, for which, he assured him that he will give the said plaint schedule property for construction of residential complex with his own funds and after obtaining approval from the GVMC authority. It is also agreed that both of them share the built up area @ 50% each. Accepting the same, the plaintiff and the defendant have entered into a memorandum of understanding on 8.1.2019. As per the said memorandum, the plaintiff has paid an amount of Rs.1,40,00,000/- to the defendant. In view of the above payment, the defendant has cleared his outstanding amount to the said Visakhapatnam Co-operative Bank. Thereafter, the defendant delivered vacant possession of the plaint schedule property coupled with irrevocable General Power of Attorney, dated 31.01.2019. Thereafter, as per Memorandum of Understanding ( for short 'MOU'), the plaintiff has invested an amount of Rs.20,00,000/- for the purpose of purchasing T.D.R and also an amount of Rs.27,00,000/- by way of account payee cheque to the defendant, which was acknowledged by him for total amount of Rs.47,00,000/-. In total, the plaintiff has paid an amount of Rs.1,87,00,000/- to the defendant. For which, the defendant has executed a Registered Simple Mortgage Deed vide Doc.1013/2019, dated 7.3.2019 in favour of the plaintiff, acknowledging the payment of Rs.1,40,00,000/.