ISMAIL, J. :- This appeal is directed against the order of Maharajan, J., dismissing Appln. No. 1200 of 1970 in C. S. No. 135 of 1967. Though the decision in the appeal does not turn upon the facts of this case, it is desirable to set out the facts for the purpose of understanding as to how this appeal arises. The appellant herein was the first defendant in C. S. 135 of 1967. A Greek ship "s. s. Stamatis", which was caught in the cyclone of November, 1966, ran aground opposite to the Marina at Madras. The appellant herein agreed to purchase the ship from Messrs. Diana Maritime Corporation, the owners thereof for Rupees seven lakhs and deposited a sum of Rs. 50,750/-towards the sale price. Being unable to pay the balance of the sale price, he entered into negotiations with the owners of the ship, who agreed to reduce the sale price to Rupees 3,30,000/-, as well as to adjust the deposit made by him towards the agreed sale price. He had hardly two days left for payment of the balance and therefore he entered into a hurried agreement with the plaintiffs in the suit, whereby the plaintiffs undertook to pay the sum of Rs. 2,80,000/- to the owners of the ship on behalf of the app