( 1 ) THE plaintiff has filed this suit for a specific performance for an agreement which is alleged to be executed by defendant no. 1 who is ordinarily residing at London. The defendants contended that the suit is barred because permission from Income Tax Authorities were not taken under section 269 UC of income Tax Act as the sale consideration was for more than rupees ten lakhs and that no permission was taken from the Reserve Bank of India in violation of provisions of Foreign Exchange Regulation Act,1973.

( 2 ) ON the pleadings of the parties the issues were settled and one of the issue settled was whether the suit is barred and it was ordered to be treated as preliminary issued by order dated 9th November,1994 which issue is as under: "whether the suit is barred by law- OPD"

( 3 ) TO comprehend the disputes between the parties so as to adjudicate this issue the facts in brief are enumerated hereinafter. The plaintiff has filed the above noted suit for specific performance of agreement to sell dated 16th september, 1986 modified/amended by a confirmatory letter and authority letter dated 1st October, 1986 and a power of attorney allegedly executed in favor of pla