S.RAVINDRA BHAT, J.

I.A. Nos. 7865/2009 (Under Order 39 Rule 1 & 2), 9346/2009 (Under Section 151- reg. tendering of balance sale consideration) and 15611/2009 (Under Section 151 – for directing Defendant Nos. 1 and 2 to deposit money in the Court)

1. This order will dispose of three applications by the parties - I.A. Nos. 9346/2009, 7865/2009 and 15611/2009.

2. The suit seeks a decree, for specific performance of an Agreement to sell in respect of 56, Golf Links (hereafter called “the suit property”). The Agreement to sell was entered into with the Defendant Nos. 1 and 2 (hereafter referred to as “vendors”). The salient terms of the agreement were that the total consideration agreed upon was Rs. 100 crores; the entire amount was to be paid by the plaintiff on or before 06.06.2008; concededly, the period could be extended by three months – a facility indicated in clause 2(a). The plaintiff submits having paid Rs.10 crores, to the vendors on 06.12.2007 itself, and paid a further amount of Rs. 5 crores, on 17.04.2008.

3. The plaintiff contends about having enclosed a draft letter to the defendant, to be sent to the Punjab National Bank (hereafter referred to as “PNB”), to enable him (the plaintiff) to secure/obtain a loan of Rs.35 crores; it is further stated that on 11.08.2008, the said bank was asked to process the loan at the earliest point of time. The suit further states that a part-payment of Rs. 5 crores was made on 04.09.2008 to the vendors,which implied that the total consideration paid by then was Rs.20 crores. The plaintiff also contends about the PNB having written to him on 09.05.2008, requiring him to submit further documents, for processing the loan application.

4. It is argued that on 23.09.2008, a Supplementary Agreement was entered into, in terms of which the parties acknowledged their mutual rights and obligations for the sale of the suit property and also receipt of Rs. 20 crores by the Vendors. The Supplementary agreement dated 23.09.2008 altered the conditions to the effect that the entire balance amount was payable on or before 07.04.2009 (in terms of clause (c) of the said Supplementary Agreement). The Supplementary agreement further visualized payment of interest in the following terms:

“XXXXXX XXXXXX XXXXXX

d) For this delay the Purchaser will pay an interest to the Vendors as follows:

i) Interest @ 18% per annum basis will be payable to Shri Iqbal Chand Khurana on the entire amount remaining unpaid as on 1st sept & onwards out of the total consideration of Rs.50,00,00,000/- in the following manners:

01-09 to 03-09-2008 on Rs. 40 crores

04-09 to 17-09-2008 on Rs. 35 crores

18-09 to onwards Rs. 30 crores

The interest will be paid for every month on the 1st of every subsequent month or will be compounded on a monthly basis.

ii) Interest @ 21% per annum basis will be payable to Shri Ashwani Khurana on the amount of Rs.45 Cr remaining unpaid as on 1st sept. till the 15th sept & on Rs. 50 Cr thereafter till the date of Registration & transfer of property. The interest will be paid for every month on the 1st of every subsequent month or will be compounded on a monthly basis.

iii) If for any reason the purchaser cannot comply with the conditions of the agreement wherein he has to pay an amount of Rs.80,00,00,000/- (Rupees Eighty Crores only) alongwith interest as agreed upon by the parties by the 7th April 2009 the purchaser will have to pay a penal interest @ 36% Per Annum payable monthly for a maximum period upto 30th June, 2009. In case the buyer still fails to pay the total consideration alongwith interest by 1st July 2009 an amount of Rs. 10 Crores from the principle transaction amount alongwith interest as provided for & elaborated above in favour of the vendors will stand forfeited and the transaction will stand cancelled. The Vendors will share the forfeited amount of Rs.10,00,00,000/- (Rupees Ten Crores only) in this unlikely event equally along with the interest amounts as provided above and accrue