P. Sathasivam, J. - (1.) Leave granted in all the Special Leave Petitions.
(2.) These appeals seek to challenge the common judgment and order dated 23.02.2010 passed by the Division Bench of the High Court of Judicature at Madras in A.S. Nos. 708 of 2008 and 946 of 2009 and W.P. No. 23405 of 2009 whereby the High Court partly allowed A.S. No. 708 of 2008 confirming the decree for specific performance granted by the Principal District Court, Chengalpet in O.S. No. 336 of 2008 and dismissed A.S. No. 946 of 2009 preferred by the appellants herein. By the same order, the High Court disposed of W.P. No. 23405 of 2009 with certain directions. By a subsequent order dated 29.04.2010, the High Court dismissed the Review Application No. 37 of 2010 in A.S. No. 708 of 2008 and Review Application No. 47 of 2010 in W.P. No. 23405 of 2009 preferred by the appellants herein. Brief facts:
(3.) (a) The subject matter of the suit is a total extent of 30 acres 86 cents of land in Senthamangalam Village, Sriperumbadur Taluk, Kancheepuram District comprised in 38 items. M/s J.P. Builders-Appellant No. 1 and Shri J.P. Paramanandam-Appellant No. 2 herein are the owners of the suit property which they acquired under various sale deeds. The sister concern of M/s J.P. Builders viz., M/s Anand Agency has availed certain financial assistance from the Indian Bank, (hereinafter referred to as the Bank) and for the said assistance Appellant Nos. 1 and 2 herein offered their various properties including the suit property as security for the principal as well as interest amount payable by M/s Anand Agency of which Appellant No. 2 is the sole proprietor. (b) On 15.08.2005, the appellants entered into a Memorandum of Understanding (MoU) (Ex. A-2) with Respondent No. 1 herein for sale of the suit property at a sale consideration of Rs. 14 lakhs per acre and a sum of Rs. 1 lakh was paid as advance by way of cheque on the same day. Balance sale consideration was to be paid within three months from the date of obtaining confirmation letter from the Bank. (c) On 10.10.2005, M/s J.P. Builders, by a letter addressed to the AGM, Indian Bank, Asset Recovery Management Branch II, offered a sum of Rs. 100 lakhs as full and final settlement of the dues of its sister concern, M/s Anand Agency, which was declined by the Bank by letter dated 15.10.2005 advising them to revise the offer with substantial improvement. By letter dated 23.01.2006, the Bank stated that Appellant No. 2 herein had not made any improvement in his One Time Settlement (in short OTS) proposal of Rs. 100 lakhs and hence the Bank is proceeding to enforce its rights under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (hereinafter referred to as the Act). By letter dated 01.02.2006, Appellant No. 2 offered a sum of Rs. 148 lakhs as one time settlement of the loans availed by M/s Anand Agency. (d) On 03.02.2006, Respondent No. 1 entered into a Sale Agreement with the appellants for purchase of the suit property. The sale price of Rs. 14 lakhs per acre was enhanced to Rs. 18 lakhs per acre and the total sale consideration was fixed at Rs. 5,55,48,000/-. On the same day, Respondent No. 1 had paid a sum of Rs. 24 lakhs by way of cheque as further advance to Appellant No. 2 in addition to Rs. 1 lakh already paid. On 18.04.2006, a further payment of Rs. 50 lakhs was made by Respondent No. 1. (e) On 26.04.2006, the Bank rejected the OTS offer of Rs. 148 lakhs stating that since the amount offered is very low, the Bank has decided to pursue the recovery application filed before the Debts Recovery Tribunal, (hereinafter referred to as DRT) Chennai for the recovery of the dues of the Bank. Again, by letter dated 15.05.2006, the Bank stated that out of court settlement can be done if an offer of Rs. 629.60 lakhs by working out interest at PLR i.e. 11% compound on the principal outstanding as on 31.03.1993 be made. However, since the settlement amount was more than the sale consideration for the suit property, the Appellant No. 2 could not agree to pay the same. (f) On 26.07.2006, Respondent No. 1 issued a legal notice to the appellants calling upon them to liquidate the loans out of the amounts received from him and retrieve the original documents from the Bank in order to execute the sale deed. By letter dated 27.07.2006, the Appellant No. 1 replied to the notice stating that the first respondent had not paid the balance sale consideration in spite of repeated requests and raised doubt that the first respondent is no longer interested to buy the suit property, therefore, a legal notice was sent calling upon Respondent No. 1 to pay a sum of Rs. 1 crore as liquidated damages. (g) On 07.08.2006, Respondent No. 1 filed O.S. No. 336 of 2006 before the Principal District Judge, Chengalpet against the appellants and the Bank. By judgment and decree dated 30.04.2008, the Principal District Judge, Chengalpet decreed the suit partly, granting the relief of specific performance directing appellant Nos. 1 & 2 herein to specifically perform their part of the obligations arising out of the agreement for sale (Ex. A-3) dated 03.02.2006 by executing the sale deed in favour of Respondent No. 1 on receipt of the balance sale consideration of Rs. 4,80,48,000/- subject to the mortgage of the Bank. Further the relief in respect of permanent injunction restraining the appellants from alienating or encumbering or dealing with the subject property was granted. The prayer for mandatory injunction for directing the appellants to discharge the loan in respect of DRT proceedings pending on the file of DRT-I, Chennai, thereby retrieve the documents and deliver the same to Respondent No. 1 at the time of execution and registration of sale deed was refused. Challenging the rejection of the prayer of mandatory injunction and failure to award costs, Respondent No. 1 filed A.S. No. 708 of 2009 before the High Court of Madras along with interim applications being M.P. Nos. 1 and 2 of 2008. On 01.02.2009, Respondent No. 1 filed another interim application in M.P. No. 1 of 2009 in A.S. No. 708 of 2008. By order dated 18.04.2009, the Division Bench of the High Court passed an order of injunction in M.P. No. 1 of 2008 and M.P. No. 1 of 2009 restraining the appellants herein from alienating, encumbering or dealing with the suit property pending appeal. (h) On 06.10.2006, the Bank filed OA No. 491 of 1999 withdrawing its OTS offer of Rs. 629.60 lakhs and called upon the appellants to pay the total amount due along with future interest, costs and charges. By order dated 15.05.2009, the Presiding Officer, DRT-I, Chennai, disposed of O.A. No. 491 holding that the Bank is entitled to recover a sum of Rs. 11,08,51,875/- from M/s Anand Agency. Pursuant to the order, the Recovery Officer issued the recovery certificate being D.R.C. No. 102 of 2009 and also issued the 1st sale notification dated 23.10.2009 bringing to sale the suit property. The upset price was fixed at Rs. 27 crores and the date of sale was fixed as 25.11.2009. (i) Challenging the decree for specific performance granted by the Principal Judge, Chengalpet, the appellants filed A.S. No. 946 of 2009 before the High Court which was admitted by the Division Bench on 20.10.2009. On 16.11.2009, Respondent No. 1 filed a writ petition being W.P. No. 23405 of 2009 before the High Court praying for a writ of mandamus for bringing the suit property in O.S. No. 336 of 2006 on the file of the Principal District Judge, Chengalpat in his favour and also filed Miscellaneous Petition in the aforesaid writ petition being M.P. No. 1 of 2009 praying to stay the auction sale of the property covered by the decree dated 30.04.2008 made in O.S. No. 336 of 2006. On the same day, the interim applications bearing M.P. Nos. 2 & 3 of 2009 in A.S. 708 of 2008 were also listed and the same were dismissed by the Division Bench. (j) Questioning the auction sale proposed to be conducted by the DRT, on 19.11.2009, Respondent No. 1 filed I.A. Nos. 1 to 3 in D.R.C. No. 102 of 2009 in O.A. No. 491 of 1991 before the Recovery Officer, DRT-I, Chennai praying for release of the scheduled property and stay of auction sale. On 23.11.2009, the Recovery Officer, DRT-I, Chennai dismissed the said applications. On 24.11.2009, Respondent No. 1 filed SLP (C) No. 31358 of 2009 before this Court challenging the order dated 16.11.2009 passed by the Division Bench of the High Court in M.P. No. 1 of 2009 in W.P. No. 23405 of 2009. Respondent No. 1 also filed another SLP (C) Nos. 19154-55 of 2009 challenging the order dated 18.04.2009 passed by the Division Bench of the High Court in M.P. No. 1 of 2008 and M.P. No. 1 of 2009 in A.S. No. 708 of 2008 and order dated 16.11.2009 in M.P. Nos. 2 & 3 of 2009 in A.S. No. 708 of 2008. On the very same day, i.e. on 24.11.2009, this Court passed an order to continue auction but not to declare the result. On 11.12.2009, this Court dismissed the SL Ps filed by Respondent No. 1. (k) On 23.02.2010, the Division Bench, by impugned judgment, partly allowed A.S. No. 708 of 2008 filed by Respondent No. 1 herein directing him to deposit the balance sale consideration of Rs. 4,80,48,000/- with 18; interest from the date of filing of the suit and also directed the appellants herein to execute the sale deed conveying the subject property to Respondent No. 1 and the Bank was directed to proceed against the various other properties of the appellants being the subject matter of O.A. No. 491 of 1999 for recovering the balance amount. The appellants preferred Review Petition No. 37 of 2010 before the High Court which was dismissed on 29.04.2010. Being aggrieved by the impugned judgment dated 23.02.2010 and order dated 29.04.2010, the appellants have preferred these appeals by way of special leave petitions before this Court. ;