( 1 ) THIS case has been placed before this bench in view of the difference of opinion between two of the Hon'ble Judges of this court. The question succinctly put is as to whether the memorandum of agreement dated 7th February, 1979 entered into by the parties constitutes a lease or licence.

( 2 ) THE basic fact of the matter is not in dispute. The plaintiffs-respondents are the joint owners of a premises bearing No. 2 Netaji Subhas Road, Calcutta as described in the schedule appended to the plaint. The appellant Bank approached the plaintiffs with a proposal to purchase the said premises at a price of Rs. 81 lakhs. For the said purpose negotiations had been held between July 78 and February 79. The parties also discussed about observance and performance of various formalities in this regard. However, as the plaintiffs had some difficulties in execution the deed of sale in favour of the defendant-appellant immediately, as it appears from the minutes of discussion dated 6th November, 1995, it was suggested that pending execution of the formal deed of sale the parties may enter into a leave and licence agreement for one year at the first instance: pursuant whereto