JUDGMENT

Sathish Ninan, J A decree for specific performance of an agreement for sale is under challenge by the defendant in the suit.

2. Ext. A1, the agreement for sale dated

23.6.1998 relates to 47.83 cents of property situated by the side of Ernakulam - Kottayam main road. As per Ext.A1, the property is agreed to be conveyed at the rate of Rs.15,000/- per cent, thus totaling to Rs.7,70,550/-. The period fixed under Ext A1 for performance of the agreement is six months. Going by Ext A1, an amount of Rs.5 lakhs is paid as advance sale consideration. Alleging default on the part of the defendant to execute the conveyance in pursuance to Ext.A1, the suit is filed for specific performance of Ext A1 agreement. There is also an alternate prayer for refund of the advance amount of Rs. 5 lakhs with interest.

3. The defendant contended that Ext A1 was executed as security for a loan transaction and not as an agreement for sale. It is contended that the brother of the defendant borrowed amounts from the plaintiff totalling to Rs.3,50,000/- on various occasions. He did not have any assets to furnish as security for the borrowed amount and accordingly, as security for the said loan transaction,