- (1.)F .I. Rebello, J. : 1. The petitioners in Writ Petn. No. 2507 of 1993 were the owners of property bearing plot No. 60, survey No. 85, CS Nos. 1362, 1362/1 to 1362/8 admeasuring 1819.41 sq. mtrs. together with bungalow and outhouse situated at Versova, Andheri (West), Bombay - -400 058 (hereinafter will be referred to 'as the property'). These petitioners will hereinafter be referred to as 'the owners'.
(2.)HARBANS Singh Kohli (hereinafter be referred to as 'the first purchasers'). By the agreement, the petitioners agreed to sell to the first purchasers the property with the structures existing thereon. By a supplementary agreement entered into of G.K. Makhijani. The owners and the first purchasers applied to the Appropriate Authority for no -objection certificate in Competent Authority certified that it has no objection to the transfer of the said property. Subsequent to the agreement, one of the first purchasers (Sardar Bhupender Singh Sethi) succeeded in getting vacant possession from five tenants Properties (P) Ltd. (hereinafter to be referred to 'as the second purchaser). The first purchasers were parties to the said agreement as confirming parties. The main terms of the agreement, according to the owners, are as under :
(i) Respondent No. 5 (second purchaser) will be liable to pay Rs. 46,00,000 to the petitioners (owners). (ii) Respondent No. 5 (second purchaser) will pay Rs. 46,00,000 to Sardar Harbans Singh Kohli (one of the first purchasers) in full and final settlement of his claim, right, title and interest in the said property pursuant to the (iii) The confirming party i.e. respondent No. 6 (Sardar Bhupender Singh Sethi) one of the first purchasers would receive a sum of Rs. 63,00,000 in full and final settlement of all his right, title and interest in the said property, including the High Court suits filed by him. Out of the said sum, the claim of M/s Harsiddh Corporation bearing O.O.C.J. Suit No. 3849 of 1989 had to be settled.

(3.)THERE are various other clauses in the agreement, which need not be reproduced, except cl. 11 which reads as under :
The balance of the consideration after deducting the earnest money as payable to the vendors, assignor and the confirming party, the balance consideration amount less amount mentioned in cl. IV hereinafter shall be paid to the said Mr. S.C. Belani, the said Mr. D.C. Belani and the said Mr. B.S. Sethi and the said Mr. H.S. Kohli on :

(i) Receipt of order under s. 269UD from the IT Authorities, (ii) Settling of differences, disputes, claims and withdraw of all suits pending in Courts. (iii) On handing over possession of the entire property as mentioned in cl. 4 hereinafter, (iv) Out of the total amount payable to the parties concerned, off (a) a sum of Rs. 50,000 (rupees Fifty thousand only) payable to the said Mr. S.C. Belani. (b) a sum of Rs. 50,000 (rupees Fifty thousand only) payable to the D.G. Belani. (c) a sum of Rs. 1,00,000 (rupees One lakh only) payable to the assignor Mr. B.S. Sethi, and (d) a sum of Rs. 1,00,000 (rupees One lakh only) payable to the confirming party Mr. H.S. Kohli, shall be deducted from the amounts payable."
valuation of the said property. Respondent Nos. 1 to 3 - -members of Appropriate Authority, inspected the property on to show cause why the property may not be acquired under Chapter XXC of the IT Act. In the show -cause notice, it was F.S.I. available and taking the consideration payable, the rate was worked out at Rs. 1,356 per square foot. Taking the valuation done by the Valuation Officer, it was observed that there is significant undervaluation of the property. It was further mentioned that the consideration payable by the Government works out to Rs. 1,52,62,560.