The plaintiffs are the appellants. They lost before both the Courts below in a suit for specific performance of an agreement of sale. Their claim is that though they have paid Rs.4 lakhs out of the total sale consideration of Rs.4,05,000/- as advance, the Courts below erred in law in rejecting their claim on the reason that they were not ready and willing to perform their part of the contract, especially, when the agreement stipulated three years as the time limit for performance and only a sum of Rs. 5,000/- was to be paid as the balance sale consideration. The defence taken by the defendants is that the agreement was not intended towards any sale transaction and on the other hand, it is an outcome of a loan transaction.

2. The trial court dismissed the suit on the reason that the transaction between the parties was only a loan transaction. The appellate Court dismissed the appeal by observing that the plaintiffs have not proved their readiness and willingness from the date of execution of the agreement till the proceedings are initiated before the Court.

3. Heard Mr. P. Jagadeesan, learned counsel appearing for the appellant and Mr. Thirumavalavan, learned counsel appeari