The petitioner (India Builder Corporation) is arrayed as judgment debtor in Ex.P.No.896/2003, pending on the file of XIX Addl. City Civil & Sessions Judge at Bangalore. Ex.P.No.896/2003 is filed to execute the decree in claim No.HC 02C00728 dated 08.10.2002, made by the High Court of Justice, Chancery Division, London. The decree holder is one Mr. Masood Asif.

2. The execution proceedings were initiated under section 44-A of C.P.C. In response to the cause notice issued under Order XXI Rule 22 CPC, judgment-debtor filed objections. The executing Court on hearing learned Counsel for parties and consideration of objections statement, overruled the objections. Therefore, judgment-debtor is before this Court.

3. The relevant facts and proceedings necessary for disposal of this petition are as follows:-

By a written agreement dated 29.01.1999, India Builders Corporation and U.K. Partners agreed to purchase and Mr. Masood Asif agreed to sell property bearing No.39-47, Bethnal Green Road, London, E1, for sale consideration of E3,500,000/-. A deposit of E350,000/-was payable on exchange of contract, immediately. The last date for exchange of contract was on or before the end of February 1999. The date for completion of contract was 25.8.1999. M/s. India Builders Corporation (judgmentdebtor) defaulted in completion of contract. On 11.08.1999, the decree-holder issued notice for completion of contract to the solicitor of judgment debtor namely M/s. Kidd Rapinet.

After receipt of the notice, M/s. India Builder Corporation (judgment-debtor) asserted that it was entitled to rescind the contract and terminate the agreement. On 25.8.1999, judgment-debtor instituted legal proceedings against decree-holder in the Central London Country Court, claiming that notice to complete the agreement dated 29.01.1999 was invalid and sought for declaration that it was entitled to rescind the contract, following service of notice on 25.08.1999, claiming return of deposit amount and also for an order of injunction to restrain the decree-holder’s solicitors from disposing of the deposit.

4. The decree-holder filed statement of defence and a counter claim. The notice to complete the contract was served on 26.8.1999 and 10.09.1999. On 26.08.1999, as instructed by the judgment-debtor a witness statement was prepared by solicitors of M/s. Kidd Rapinet in support of an interlocutory injunction to restrain M/s. Halsey Lightly, the solicitors that acted for the decree-holder in relation to the sale from disposing of a sum of E175,000/-held by them as stake holders. On 18.03.2000, India Builders Corporation (judgment-debtor) filed a defence and counter claim. On 08.06.2000 an order was made for removal of M/s.Kidd Rapinet (solicitors of judgment-debtor) from Court records.

5. On 27.01.2000, the decree-holder filed a separate claim in the Central London Country Court, for a declaration that agreement dated 29.01.1999 was not properly terminated by the judgment-debtor for damages against the judgment-debtor for its failure to complete the contract and/or for breach of contract.

By letter dated 18.07.2000, the judgment-debtor expressed its intention to instruct new solicitors, but in fact, did not do so. By an order dated 27.02.2002, the proceedings were consolidated and transferred from Central London Country Court to the High Court of Justice, Chancery Division, London, for trial. On 14.06.2002, notice of trial was served by the decree-holder’s solicitors on the judgment-debtor. The judgment debtor was aware of date of trial. The judgment-debtor did not appear before the High Court of Justice, Chancery Division, London.

On consideration of documents, evidence on record and after hearing the solicitors of the decree-holder, the High Court of Justice, Chancery Division, London, made the decree, sought to be executed in Ex.P.No.896/2003. The initiation of Ex.P.No.896/2003 was necessary, as the judgment-debtor had no business or assets in U.K.

6. Before the exec