1. The respondent herein filed an application on 19-04-2012 before the Mandal Legal Services Committee, Balanagar Mandal, Ranga Reddy District at Miyapur under Section 19 of the Legal Services Authorities Act, 1987 showing the petitioners herein as Opposite Parties, seeking to issue a notice to opposite parties for mediation, reconciliation and settlement of the matter. The main grievance in the application is that the opposite parties are the regular customers of the applicant as they have been purchasing raw material of fiber under credit bills and having running account with the applicant as he has been running the business under the name and style of M/s. Sri Laxmi Fiber Industries. The opposite parties are due of an amount of Rs. 45,00,000/-. Even though the opposite parties assured that they will clear total dues by 31-03-2012, they failed to keep up their promise. A statement of the credit account with the applicant dated 31-03-2012 verified and accepted by the opposite parties was filed. The said petition was registered as P.L.C.No.5 of 2012 by the Legal Services Authority. The Mandal Legal Services Authority, Kukatpally at Miyapur issued notices to the opposite parties asking them to appear before it on 29-04-2012 at 10.30 a.m. for reconciliation and the said notices were received on 28-04-2012. After receipt of notices in the said petition, the petitioners herein/opposite parties engaged an advocate. Both parties filed a petition on 29-04-2012 to advance the date of hearing from 15-06-2012 to 29-04-2012 along with the petition filed under Section 320 (8) of Cr.P.C. seeking permission to compromise the case. The parties also filed a petition to pass an award in terms of the compromise. Accordingly, an award was passed under Section 21 of the Legal Services Authorities Act, 1987 on 29-04-2012. The terms of the compromise read as follows:

(1) The parties hereto agreed and admit that they had business transactions;

(2) The opposite parties herein hereby admit that they are due and liable to pay a sum of Rs. 45.00 lakhs towards credit purchases from the petitioner;

(3) The opposite parties herein agreed to repay the said outstanding amount within 5 years and offered to pay nominal interest thereon;

(4) The applicant herein in order to secure his debt from the opposite parties requested them to submit any security till the payment of due amount;

(5) The opposite parties herein accepted the said proposal and informed that the opposite parties owned some agricultural land in Survey No.109, 134 and 135 total admeasuring Acres 5.11 guntas of Mukal Kalva village, Miryalguda Mandal, Nalgonda District. Further the respondent No.1 owned as residential property bearing H.No.4-2/2, on Plot No.7 part and 8 part in Survey Nos.168/4, 168/5 and 168/9 admeasuring 200 square yards, situated at Domarra Pochampally village, Qutubullapur Mandal, R.R. District is consisting of 1600 square feet built up area in ground and first floors each. The opposite parties herein on this day deposited the pattedar pass book of agricultural land along with pahani papers and title deeds i.e. sale deed bearing document No.391 of 2009 dated 20-01-2009 registered with JSRO-I, office of the District Registrar, RR District along with sanctioned plan, property tax receipts with the applicant towards security;

(6) The opposite parties herein agreed to repay the outstanding payment of Rs. 45.00 lakhs along with interest thereon @ 12% p.a. and the said amount will be paid every year Rs. 10,00,000/- and completed on or before 31-03-2017. If the opposite parties failed to pay amount agreed as stated above, the applicant is at liberty to recover the total amount with interest by filing EP before competent court by selling the schedule hereunder properties in order to recover the due amount by executing this award."

2. Thereafter, the respondent herein filed an Execution Petition on 22-07-2013 for execution of the award before the Mandal Legal Services Authority. It was