10 Sep Agreement To Sell Judgment
On the basis of the above-mentioned fundamental legal principle regarding the granting of an exemption from the specific performance of a contract, the Supreme Court of India recently annulled, in a judgment of Jayakantham and others against Abaykumar, the Decree on the Specific Performance of a Contract for the Sale of Real Estate and awarded financial compensation to the buyer (defendant) instead of the exemption of a given performance. The Supreme Court drew attention to the facts and found that a sales agreement had been reached between the complainants and the respondent`s father on 2 June 1999. The consideration agreed between the parties was Rupees One Lakh and Sixty Thousand, an amount of which rupees Sixty Thousand was paid at the time of performance of the contract of sale. The sale transaction is expected to be completed within three years, subject to payment of the balance of Rupees One Lakh. On May 7, 2002, the respondent issued legal notices on the execution of the sales agreement. In the absence of any legal reference, the complainants argued, inter alia, that the assignment agreement was executed only as collateral for a loan transaction, given that the complainant`s father was a money lender (which was an accepted fact). The Supreme Court found that there was no error in the determination of the facts by the three courts and that, therefore, the judgment on the merits could not be set aside. However, the plaintiffs drew the attention of the Supreme Court to another argument that the ownership of the remedy was the sole property of the plaintiffs and that it had an extremely high value. .