JUDGMENT :

N.V. Ramana, J.

Leave granted.

2. This appeal by special leave is directed against the judgment and decree, dated 14.03.2014, passed by the High Court of Judicature at Madras in Second Appeal No. 1819 of 2001, wherein the High Court has allowed the second appeal by setting aside the concurrent findings of the courts' below.

3. At the outset it is to be noted that during the pendency of this appeal, respondent no. 1 and respondent no. 3 Reportable have settled the disputes by compromise deed dated 04.08.2014. In light of the aforesaid compromise, this appeal is pursued only against respondent no.2.

4. A brief reference to facts which are necessary for disposal of the appeal before us are, Appellant herein who is the plaintiff in the suit [hereinafter ‘Buyer' for brevity] and respondent no. 2 who is the defendant [hereinafter ‘Seller' for brevity unless context otherwise requires] entered into an agreement of sale in respect of suit schedule property on 10.12.1986. The sale consideration was fixed at Rs. 1,01,000/- per acre. An amount of Rs. 40,000/- was paid as earnest money. As per the terms of the agreement one year was stipulated for completion of the sale by executing an a