R. Subbiah, J.

This appeal has been preferred against the judgment and decree dated 07.02.2011 in O.S.No.14 of 2008 passed by the learned Principal District Judge, Krishnagiri, decreeing the suit filed by the respondent herein/plaintiff, directing the appellants herein/defendants to pay the advance money of Rs.12,67,500/- (being made up of Rs.10 lakhs towards refund of the advance amount with interest) with subsequent interest @ 9 % pa from the date of the suit till the date of judgment and thereafter, at the rate of 6% pa till realisation and also declaring that the respondent/plaintiff is entitled to charge over the suit property as per Section 55(6)(b) of the Transfer of Property Act.

2. The appellants herein are the defendants and the respondent herein is the plaintiff before the Trial Court. For easy reference, hereinafter the parties will be referred to as per rankings in the suit.

3. The brief facts of the case of the plaintiff are as follows :

3-1. The defendants own and possess the suit property viz., vacant land measuring 0.14 cents comprised in S.No.644 and an extent of 0.59 1/2 cents comprised in S.No.641/1, in Krishnagiri Sub-Registration District, Hosur Taluk, Hosur Village, Krishnagiri District. The said land was notified for land acquisition for the benefit of the Tamil Nadu Housing Board (in short hereinafter referred to as 'TNHB').

3-2. On 10.02.2005, the defendants agreed to sell the suit property to the plaintiff and executed an agreement of sale. Under the said Sale Agreement, the sale price was fixed as Rs.80 lakhs and the time for performance is fixed as on or before 30.12.2005. On the date of Sale Agreement itself i.e., on 10.02.2005, a sum of Rs.10 lakhs was paid by the plaintiff to the defendants towards advance amount. Since the land is under the land acquisition proceedings initiated by the TNHB, there was a clause in the Sale Agreement to the effect that out of the balance sale price, a sum of Rs.25 lakhs shall be paid within 30 days from the date of order being passed by the appropriate Court (in respect of the acquisition proceedings) in favour of the defendants; further, the balance amount shall be paid within 11 months from the date of agreement; that the Sale Deed shall be executed at the costs of the plaintiff on or before 30.12.2005 and it shall be registered within 30 days of release of the land from TNHB by getting No Objection Certificate and transfer of patta in the name of the defendants.

3-3. It is further case of the plaintiff that the defendants have to take steps to get the suit property released from the land acquisition proceedings. As per the Sale Agreement, the defendants shall give Power of Attorney to the plaintiff authorizing him to represent before the TNHB for getting No Objection Certificate and release the property from TNHB Scheme. But, the defendants did not execute any Power of Attorney to the plaintiff. Further, as per the Sale Agreement, if the plaintiff fails to perform his part of the contract, namely paying the balance sale price and taking sale at his costs, the defendants will forfeit the advance amount of Rs.10 lakhs paid by the plaintiff.

3-4. As the time for performance of the contract was nearing, the plaintiff had taken three Pay Orders in the name of the defendants for the balance sale consideration of Rs.70 lakhs viz., for Rs.23,75,000/-, for Rs.23,25,000/- and for Rs.23,00,000/-. The xerox copies of the said Pay Orders, along with a letter dated 26.12.2005 were sent by the plaintiff to the defendants to show his bone fide that he is ready and willing to perform his part of the contract. In the said letter dated 26.12.2005, the plaintiff has also demanded the defendants to get clearance from TNHB and also to restore the subject land in the name of the defendants in the Revenue records. In fact, the defendants have appointed one Sunil Kumar Patwa, Hosur, to clear the acquisition proceedings of TNHB in respect of the suit property and he was paid a sum o