P. Kalaiyarasan, J.

1. This Appeal Suit is directed against the Judgment and Decree, dated 25.08.2008 passed by the Additional District Court, Krishnagiri in O.S.No.87 of 2004 decreeing the suit for specific performance.

2. The plaint averments are as follows:

(i) The defendant is a private limited company represented by its Managing Director. The defendant company owed a sum of Rs.24,00,000/- to ICICI Bank and the same would be cleared out of the sale proceeds by selling the suit schedule property. There was also labour problem and the company was in arrears of electricity charges. Representing the above facts, the defendant wanted to sell the suit property. The plaintiff after the conclusion of the sale talks, entered into a sale agreement with the defendant on 16.07.2003 fixing the sale price at Rs.24,00,000/-. Rs.10,000/- was paid as an advance and the balance of sale consideration of Rs.23,90,000/- is to be paid to the ICICI Bank, Chennai on behalf of the defendant to discharge the loan liability within 15 days and the defendant also agreed to execute the sale deed after clearance of the loan dues to ICICI Bank. Though the plaintiff is capable of purchasing the property