Judgment

CHANDRACHUD, J.:- Plot No. 29-B, Industrial area. Faridabad, was allotted in the year 1952 to the respondents by the Faridabad Development Board. Respondents erected buildings on the plot, installed machinery therein and started a factory in the name and style of "Bharat Rubber Mills". By an agreement of May, 1955 respondents sold their rights in the plot and the factory to the appellants. Disputes arose between the parties on certain matters relating to the agreement, which the parties referred to an arbitrator. The arbitrator gave his award on August 4, 1955 and the award became a rule of the court on August 23, 1956.

2. One of the principal terms of the award, broadly, was that the appellants were to pay a certain sum of money to the Board in discharge of the liability of the respondents and on their failure to make the payment, they were to give back the possession of the plot and the factory to the respondents. The appellants not having paid the amount, respondents filed a series of execution applications the last of which is dated January 16, 1964. Appellants opposed that application on various grounds which were rejected by the executing court and the execution was di