THE HON’BLE SRI JUSTICE ABHINAND KUMAR SHAVILI AND THE HON’BLE SRI JUSTICE VAKITI RAMAKRISHNA REDDY CITY CIVIL COURT APPEAL No. 2 of 2018 JUDGMENT: (Per Hon’ble Sri Justice Vakiti Ramakrishna Reddy This Appeal is filed by the appellants/plaintiffs against the Judgment and Decree dated 06.09.2017 passed in O.S.No.163 of 2005 (hereinafter will be referred as ‘impugned judgment’) on the file of Chief Judge City Civil Court at Hyderabad (hereinafter will be referred as ‘Trial Court’), wherein the suit filed by the plaintiffs against the defendant for recovery of money was dismissed.

2. For the sake of convenience, the parties shall be referred to as they were arrayed before the Trial Court.

I. BRIEF FACTS:

3. The plaintiff No.2 and the defendant entered into a Business Transfer Agreement (BTA) dated 04.09.2001 under which the plaintiff No.2 agreed to transfer the business of the plaintiff No.1 for Rs.68,84,500/-. While 70% of the consideration i.e., Rs.48,19,150/- was paid upfront, the balance of 30% i.e., Rs.20,65,350/-, due by 31.12.2001 under Clause 3.3.2, was not paid.

4. Instead, the defendant gave oral assurances, leading the plaintiffs to continue transactions on its behalf. Between