( 1 ) WHILE admitting the second appeal by the order dated 8-4-1988, the following two substantial questions of law have been framed : -

(a) Whether, in a suit for specific performance of agreement, in order to establish the readiness and willingness, the plaintiff has to give notice to the defendant before the last date, specified in the agreement or after the last date specified in the agreement but within reasonable time thereafter?

(b) What is the true nature of suit transaction, viz. Whether it is an agreement of sale or whether it is security agreement?

( 2 ) THE undisputed facts leading to the second appeal are that, the appellants-plaintiffs had filed Special Civil Suit No. 83 of 1968 for specific performance of the agreement for sale of the agricultural land in Survey No. 64 admeasuring about 50 acres-and 39 gunthas situate at village Gulvanchi, Taluka- North Solapur. Defendant Nos. 1 to 3 are the owners of the land who had agreed to sell the land to the plaintiffs for a consideration of rs. 22,951/- and agreement for sale was executed on 20-9-1965 and an advance amount of Rs. 3,500/- was paid to the defendants. There were standing crops in the land and, therefore, it was agreed that the possession of the suit land to the extent of half portion would be handed over to the plaintiffs by the end of the year 1965. On 24-9-1965 the plaintiffs paid an additional amount of Rs. 5000/- to the defendant No. 1 and on 14-11-1965 possession of 25 acres of the suit land was handed over to the plaintiffs in pursuance of the part performance of the agreement for sale. The plaintiffs served a notice dated 5-4-1966 calling upon the defendants to execute the sale-deed and in response thereto on 28-5-1966 the defendants executed a supplementary agreement for sale after accepting Rs. 500/- and the possession of the remaining land was also handed over to the plaintiffs. Thus the plaintiffs paid an amount of Rs. 6000/- as part payment and came in possession of the total suit land. It was the case of the plaintiffs that they found some encumbrances to the extent of Rs. 5000/- and after deducting that amount the balance amount from the total consideration came to Rs. 11,951 / -. On payment of the said balance amount the defendants were to execute the sale-deed within 15 days. The plaintiffs claimed that they were ready to perform their part of the contract but the defendants evaded to execute the sale-deed and, therefore, the plaintiffs filed special Civil Suit No. 83 of 1968 on or about 6-9-1968. Prior to filing of the suit the plaintiffs were illegally and high-handedly dispossessed of the suit land by the defendants and during the pendency of the suit the defendant nos. 1 to 3 sold the suit land to defendant Nos. 4 to 6. The plaintiff No. 1 died during the pendency of the suit and his daughter was brought on record as plaintiff No. 4 in addition to his wife plaintiff No. 2. The defendants contested the suit. Defendant No. 1 filed Written Statement at exh. 15 and the same was adopted by the defendant Nos. 2 and 3 by filing pursis at exh. 16. The defendant Nos. 4 and 5 filed their Written Statement at Exh. 17 and the defendant No. 6 filed Written Statement at exh. 79. Defendant Nos. 1 to 3 admitted execution of the agreement dated 20-9-1965 but claimed that it was by way of security and it was not an agreement for sale. They further claimed that the supplementary agreement dated 28-4-1966 was also by way of security for interest without receiving any amount. They further stated that they had parted with the possession of the suit land and the names of plaintiff Nos. 2 and 3 were subsequently added by the plaintiff No. 1 in these agreements. The defendant Nos. 4 and 5 who were subsequently impleaded, admitted that they had purchased from defendant No. 1, 25 acres of the suit land on 10-7-1978 and they were bona fide purchasers and did not have the knowledge about the transaction between the plaintiffs and defendant Nos. 1 t