R Lakshmikantham vs Devaraji

The Supreme Court held that the agreement to sell dated 22.09.2002 did not impose a strict timeline for the payment of the balance sale consideration due to the conditions outlined in clauses 5 and 8, which required the redemption of the mortgage before the sale could proceed. The Court emphasized that the seller's obligation to execute the sale deed was contingent upon the discharge of the mortgage, thus ruling that time was not of the essence in this case. The Court set aside the High Court's decision that had overturned the decree for specific performance in favor of the plaintiff, reinstating the original decree.