( 1 ) LEASE hold rights in plot No. 16, Nehru Place, New Delhimeasuring 445. 93 sq. mts. were auctioned by the Delhi Development Authority (for short D. D. A.) at a Public auction. The bid of Smt. Kanwaljit Kaur Bhasinand Smt. Kamleen Bhasin, respondents, for Rs. 63,ll,000. 00, was accepted bythe DDA by its letter dated 8/11/1979. The said lease hold rights wereacquired to construct a multi-storeyed building on the said plot in accordancewith the terms and conditions, plans and other particulars stipulated by thedda.

( 2 ) BY an agreement dated 3/03/1980 the respondents agreed to sellto M/s. Jyoti Limited, the petitioner the third and fourth floors of the proposedmulti-storeyed building with an area measuring 9000 sq. ft. at Rs. 340. 00 persquare ft. or for a total sum of Rs. 30,60,000. 00. A sum of Rs. 2 lakh was to bepaid to the respondents on execution of the said agreement. A sum of Rs. 1lakh -was to be paid on furnishing proof to the petitioner of having taken possession of the plot by the respondents from the DDA. Remaining amount ofrs. 27,60,000. 00 was to be paid to the respondents on completion of the buildingand at the time of delivery of possession of the s