PADMANABHAN, J. :- This appeal arises out of the judgment and decree for specific performance of a contract for sale passed by this court in C.S. No. 213 of 1974. The second defendant, H.G. Krishna Reddy and Co., is the appellant. The first respondent herein is the plaintiff and the second respondent is the first defendant in the suit. The facts of the case may be set out as follows.

2. On 26th Jan. 1974, the second respondent executed a receipt Ex.P.1 for Rs. 3,000 in favour of the first respondent. The receipt recited that a sum of Rs. 3,000 was being received towards the agreed price of Rs. 1,22,500, for the sale of the suit property by the second respondent in favour of the first respondent. It further stated that the sale was to be completed within 45 days from the date of the advocate for the first respondent passing the title deed. Among others, there was a further clause to the effect that the second respondent should execute a regular contract for sale on a stamp paper within 15 days from the date of the receipt and that if the transaction was not or could not be completed within the said 45 days or the extended time for any reason, the second respondent should ret