JUDGMENT :

R.F. NARIMAN, J.

1. The hearing in this appeal followed in the wake of the hearing in Civil Appeal Nos. 5145 of 2016, 5158 of 2016 and 9820 of 2016. The brief facts necessary to appreciate the controversy in this appeal are as follows:

(i) By an agreement dated 22.07.2004 between the Appellant, Deccan Paper Mills Co. Ltd. [hereinafter referred to as “Deccan”] and the Respondent No. 2 company, M/s Ashray Premises Pvt. Ltd. [hereinafter referred to as “Ashray”] Deccan, being the owner of approximately 80,200 sq. meters of land bearing Survey Nos. 96B, 96C and 96D at village Mundhwa, District Pune, decided to develop a portion of the said land, i.e. 32,659 sq. meters. It is not necessary to enter into the nitty-gritty of the said agreement. However, it is enough to note that this agreement contained clause 7(m), in which it is stated:

“7. The Owner and the Developer hereto covenant that upon the execution of these presents:

xxx xxx xxx

(m) The Owner shall have no objection if at any stage during the continuance of this agreement the Developer assigns, delegates the rights, under this agreement or the Power of Attorney/writings executed in furtherance hereof to any other person,