IMPORTANT POINT
Power of attorney--Recital in the power of Attorney as to existence of resolution is deemed to be correct unless established otherwise.

Rakesh Kumar Garg, J.:- This judgment shall dispose of five Regular Second Appeals i.e., (i) RSA Nos. 24 of 2004(arising out of Civil Appeal No.151/9.6.2001 and 17.9.2001 in Civil Suit No. 442 of 1998-Bikram Singh Dhami Versus Manger, Oriental Bank of Commerce and others (ii)RSA No. 919 of 2005(arising out of Civil Appeal No.94/8.10.2003 in Civil Suit No. 82 of 1998-Neela Bedi Versus Oriental Bank of Commerce and others ,(iii) RSA 1429 of 2005 (arising out of Civil Appeal No.14/12.2.2004 in Civil Suit No. 72 of 1998- Renu Gupta Versus Oriental Bank of Commerce and others,(iv) RSA 1780 of 2005 (arising out of Civil Appeal No.13/12.2.2004 in Civil Suit No. 219 of 1998/2002-Baldev Singh Bedi Versus Oriental Bank of Commerce and others ,(v) RSA 3445 of 2005 (arising out of Civil Appeal No.52/24.4.2004 in Civil Suit No. 82 of 2000-Vinod Bhushan Aggarwal Versus Oriental Bank of Commerce, as in all these appeals, on similar facts, the same substantial question of law arises. All the aforesaid appeals have arisen out of the Civil Suits filed by the plaintiffs for specific performance of the agreement to sell entered into by defendant Bari Doab Bank Ltd. which was later on merged with defendant No.1 Oriental Bank of Commerce vide Notification dated 7.4.1997 issued by the Government of India.

2. As per the averments made in the Civil Suits, Varinder Kumar Sharma Chairman of the erstwhile Bari Doab Bank held a general power of attorney dated 18.10.1993 executed in his favour by Ashish Raj son of Janak Raj, Director of Bari Doab Bank who was authorized to do so vide resolution dated 25.8.1993. It is the further case of the plaintiffs that the defendant Bari Doab Bank Ltd. was owner of land situated in the revenue estate of village Premgarh as per jamabandi for the year 1991-92. It was further represented by the aforesaid Varinder Kumar Sharma to the plaintiffs that he was authorized by the General Power of Attorney dated 18.10.1993 given by the Bank to him to sell the land of the bank. The agreements to sell were executed by Varinder Kumar Sharma on behalf of defendant-Bank in favour of the plaintiffs in each case, He also received earnest money/part payment towards the sale consideration and it was agreed that the land will be sold at the rate of Rs. 15000/- per marla and the sale deeds will be executed within six months time. It was also incorporated in all the agreements that the balance sale consideration will be paid at the time of registration of the sale deeds and all the expenses for the sale deeds shall be borne by the purchaser. It was also stipulated in the agreements that in the event of failure of plaintiffs to get the sale deed executed in their favour, the earnest money shall stand forfeited and their right to purchase the land shall be extinguished and in case Bari Doab Bank Ltd. failed to execute the sale deed, the purchaser shall be at liberty to seek recourse to law and shall get the sale deed registered through the court.

3. It was further averred in the suits that the plaintiffs approached the management of the Hoshiarpur Branch of Bari Doab Bank for execution of the sale deed as per the terms of the agreements. However, a reply was given that a moratorium has been imposed upon the Bank by the Reserve Bank of India whereby they have been debarred from sale/purchase of any estate of the Bank through the currency of moratorium period.

4. It was further submitted in the plaint that the plaintiffs had always been ready and willing to perform their part of the agreement and were in possession of sufficient funds to pay the remaining sale consideration as well as the necessary expenses and the plaintiffs were still ready and willing to perform their part of the agreement. However, none from the side of the defendants came to execute the sale deeds in favour of the plaintiffs. The plaintiffs came to know that a merger was effected whereby Bari Doab Bank Ltd. was merged into the Oriental Bank of Commerce and as per th