JUDGMENT

Leave granted.

3. The brief facts leading to the present situation is that the appellant herein allotted plot bearing No.7, Sector 15, CIDCO, Belapur, Navi Mumbai, measuring 3176.25 sq.mtrs to M/s Mehak Developers Pvt. Ltd., the respondent No.3 herein in terms of the New Bombay Disposal of Land Regulations, 1975 . The said allotment was governed by the terms and conditions contained in the Agreement of Lease dated 04.08.1995. The construction was required to be completed by the respondent No.3 as per the time frame agreed including the extended time period. Not putting up the construction within the time frame agreed was to attract payment of additional lease premium retrospectively from 06.08.2001 as per the agreed terms. The fact that the respondent No.3 completed construction of ‘A’ Wing of the building known as Arneja Chambers II within the initially extended period i.e. 31.12.2005 is not in dispute.

5. In the above background, we have heard Mr. Ajit S. Bhasme, learned senior advocate for the appellant, Mr. Shyam Divan, learned senior advocate for respondents No.1 and 2, Mr. V. Giri, learned senior advocate for