Law: Specific Relief Act, 1877

Section: 12

Law: Civil Procedure Code (V of 1908)

Section: O.XII,R.6

(a) Specific Relief Act (I of 1877)--- ----S. 12---Suit for specific performance of agreement to sell---Pre-requisites---Deposit of sale consideration in court---Party seeking specific performance of an agreement to sell was essentially required to deposit the sale consideration amount in Court---By making such deposit the plaintiff demonstrated its capability, readiness and willingness to perform its part of the contract, which was an essential pre-requisite to seek specific performance of a contract---Failure of a plaintiff to meet the said essential requirement disentitled him to the relief of specific performance, which undoubtedly was a discretionary relief. (b) Civil Procedure Code (V of 1908)--- ----O. XII, R. 6---Judgment on admission---Admission---Scope---In order to invoke the provisions of O. XII, R. 6, C.P.C. it was absolutely necessary that the admission relied upon be clear, unambiguous, unqualified and unequivocal, and further that the purported admission had to be read as a whole; one could not be allowed to rely on a part (of the admission) ignoring the rest. THIS ORDER PASSED BY: MAQBOOL BAQAR, J.--- Through a Memorandum of Understanding ("MoU"), reached between the petitioners Nos. 2 to 5 ('the petitioners') and the respondent No. 1 on 13.12.2017, the petitioners agreed to sell 5,000,000 shares held by them in the petitioner No. 1 Company, namely, Kuwait National Real Estate (Pvt.) Limited ("the Company"), being the entire issued and paid up capital of the Company, for a total sale consideration of Rs.2,455,650,000/- (Rupees 2.45 billion). In terms of the MoU, the parties were to execute a share sale and purchase agreement ("the agreement"), within 60 days of the date thereof. The entire sale consideration was to be paid by the respondent No. 1 to the petitioners through deposit in the later's bank account. However before the agreement as envisaged could be executed, the respondent No. 1, on 06.04.2018, filed a suit for specific performance of the MoU before a Civil Judge in Lahore, and obtained ad-interim stay order the same day. Through its suit the respondent No.1 alleged that the petitioners are avoiding to honour their commitment under…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492