( 1 ) THIS is an application by the defendant Sanatan Bastushilpa Pratisthan for revocation of leave under Clause 12 of the Letters Patent, stay of the suit and all proceedings therein and for revocation of the leave under Order II, Rule 2 of the Code of Civil Procedure.

( 2 ) THE defendant is the owner of premises No. 121/1, Netaji Subhas Ch. Eose Road, Tollygunge, and has constructed a multistoried building therein named 'regent Towers' consisting of ground floor and nine upper floors comprising of seventy two flats. By an agreement dated October 10, 1979 the plaintiff agreed to buy and the defendant agreed to sell six two-bed-roomed fiats and six three-bed-roomed flats having distinctive numbers situate on various floors of the said building at or for a total price of Rs. 13,45,200/-, on the terms and conditions contained in the said agreement which was executed at 10, Brabourne Road, Calcutta within the jurisdiction of this Court.

( 3 ) PURSUANT to and in terms of the said agreement on or about October 11, 1979 the defendant furnished a bank guarantee for Rs. 10,76,160/- and the plaintiff thereupon paid to the defendant on December 11, 1979 the said sum of