Sunil Thomas J.

This appeal is directed against the judgment and decree in O.S.No.54 of 2004 of the Sub Court, Kottayam in a suit for recovery of money. Defeated defendants are the appellants.

2. The case set up by the plaintiff before the court below was based on an agreement for sale. According to the plaintiff, the plaint schedule property belonged to the first defendant and on receipt of a consideration of Rs.7,50,000/- by the first defendant, both the defendants executed an agreement for sale on 29.10.1997 in favour of the plaintiff for a total consideration of Rs.8,00,000/-. The original settlement deed executed by the second defendant in favour of the first defendant was handed over. The plaintiff was ready and willing to perform his part of the contract. However, in February 1998, the defendants requested to withdraw from the agreement which was accepted by the plaintiff. On 28.02.1998, first defendant delivered a cheque for a sum of Rs.4,00,000/- and promised to repay the balance sale consideration of Rs.3,50,000/- with interest before 15.04.1998. This was endorsed on the agreement for sale. The cheque was collected. However, the defendants failed to pay the money as