Rajiv Sahai Endlaw, J.

1. The plaintiffs in this suit for recovery of Rs 40 lacs as principal amount, Rs 3,51,250/- as interest @ 15% p.a. till the date of institution of suit and for pendente lite interest and costs, claim decree under Order 12 Rule 6 of the CPC.

2. It is not in dispute that an agreement dated 1st March, 1972 was entered into between the plaintiffs 2 to 17 on the one hand and the defendant No. 1 on the other hand. Under the said agreement, the plaintiffs 2 to 17 as the owners of property No. 24, Barakhamba Road, New Delhi comprising of land admeasuring 0.956 acres or 4628 sq yds and a residential bungalow constructed thereon permitted/allowed the defendant No. 1 company to demolish the residential bungalow existing on the said property and to, at the costs and expense of the defendant No. 1, raise construction of a multi storeyed building for commercial use on the said property, after obtaining sanction of the Government and local authorities for such development, again at the costs and expense of the defendant No. 1 and with no financial commitment or liability in completing the said project on the plaintiffs 2 to 17 except as provided in the said agreem