JUDGMENT :

Abhay S. Oka, J.

FACTUAL ASPECTS

1. This appeal takes an exception to the judgment of the High Court in the second appeal preferred by the appellants. Appellant no.1 was the first plaintiff, and appellant no. 1(ii), (iii) and (iv), as well as appellant no. 2 were the co-plaintiffs. The original first respondent was the defendant in the suit. For convenience, we are referring to the parties with reference to their status before the Trial Court.

2. The defendant (Brij Bhushan Chaudhary) executed an agreement for sale dated 16th January 1980 (for short, ‘the suit agreement’) in favour of plaintiff no.1 (Major General (retd) Darshan Singh) in respect of plot of land admeasuring approximately 2438 sq. yards with structure thereon being residential House no.33, R.P. No. 2829, Sector 2-A, Chandigarh (for short, ‘the suit property’). The agreed consideration was Rs.3,50,000/-. A sum of Rs.30,000/- was paid by the plaintiff no. 1 to the defendant by way of earnest money. The sale deed was to be executed on or before 30th April 1980. Clause no.3 in the suit agreement provided that in the event of the failure of the defendant to honour the agreement, his liability will be to refund the