JUDGMENT

1. This commercial division summary suit is instituted for recovery of a sum of Rs.7,24,94,348/- along with further interest at the rate of 15% p.a. from the month of November, 2020 till payment and/or realization.

2. Shorn of unnecessary details, the background facts can be stated as under:

(a) The plaintiff is a registered partnership firm. The plaintiff developed a project 'Jade Gardens' at Gandhi Nagar, Bandra East, Mumbai. The defendant evinced interest to purchase a flat in 'M' Wing of the said project. An agreement for sale came to be executed between the plaintiff and defendant and Middle Income Group III Co-operative Housing Society, as a confirming party, whereunder the defendant agreed to purchase Flat No.403 'M' Wing, Jade Gardens ('the suit flat') for a consideration of Rs.8,01,00,000/-. An earnest amount of Rs.60,00,000/- was already paid by the defendant. Under the said agreement, the defendant agreed to pay the balance consideration in three installments. First two of Rs.2,50,00,000/- and Rs.8,01,000/- payable on or before 31st December, 2017, and last of Rs.4,82,99,000/- on or before 31st January, 2018. It was further provided that in the event of delay or de