Judgment

BEG, J. :- This appeal by Special Leave has arisen in the following circumstances :

The respondents, landlord lessors, had executed a lease on 9-11-1949. Under its terms, the lessor had given some land to the lessees for the building and renting out of a Cinema house for a period of twenty years on a rent of Rs. 300/- per month for the first year, and, thereafter, at Rs. 600/- per month. The period within which the Cinema had to be constructed was also specified. Clause 6 of the lease laid down :

"On the expiry of tenancy or the extended period of tenancy, as aforesaid, the entire structure, built by the lessees at their own cost becomes the property of lessor, and shall exercise all the rights of ownership and shall be entitled to sell the entire property, subject to this condition that lessor shall have to pay 50% of the market value of the structure built by the lessees at their expenses. If the lessor and the lessees fail to assess the value of the aforesaid structure by mutual consent, two arbitrators will be appointed, nominated by the lessor and the lessees. In case of their difference of opinion an umpire shall be appointed by parties whose award shall be final. In ca