JUDGMENT

Hashim Yusoff J:

[1] The plaintiff has taken out a writ action against the defendant seeking inter alia :

1. A declaration that the agreement between the plaintiff and the first defendant has been frustrated and consequently the plaintiff is discharged from its obligations to perform the agreement.

2. In consequence thereof for an order that the first defendant refund the total sum of RM42,071,200 together with interest to the plaintiff.

3. An injunction against the second defendant restraining the second defendant from parting with the sum of RM20,364,080 held by them as stakeholders until the trial of this action.

Brief Facts

[2] By an agreement in writing dated 31 March 1997 (the agreement) the first defendant agreed to sell and the plaintiff agreed to purchase about 1142.48 acres of land (the said land) in Ulu Selangor for a price of RM217,071.200.

[3] The plaintiff had paid an earnest deposit of RM4 million and a further deposit of RM17,707,120 to the first defendant. On 21 March 1998 both parties agreed that the other sum of RM20,364.080 plus interest be paid into court as stakeholders money. Therefore the total sum paid by plaintiff to date is RM42,071,200. The balance sum