In Brief
A. Valliammai, owner of 11 acres of land, entered into an agreement to sell with K. Sriram in 1988 for Rs. 2,95,000 per acre, with Rs. 1,00,000 advance paid. Performance was to be by 26.11.1989. A. Valliammai later refused to perform, leading to correspondence in 1991 establishing her clear refusal. K. Sriram assigned his rights to K.P. Murali and S.P. Duraisamy, who sued for specific performance in 1995. The Supreme Court held the suit was barred by the three-year limitation period under the Limitation Act, 1963, as notice of refusal was given in 1991. However, exercising constitutional power under Article 142, the Court set aside the decree for specific performance and substituted a monetary decree of Rs. 50,00,000 with interest, recognizing K. Sriram's expenses and partial justice.
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