In Brief
Ravi Setia sought specific performance of an agreement to purchase property from Madan Lal. The key issue was whether Ravi demonstrated readiness and willingness to perform, particularly his obligation to deposit the balance purchase consideration within the prescribed time. The Supreme Court held that Ravi's failure to deposit on time, coupled with a frivolous application for extension filed after expiry and the certificate from the Sub-Registrar being non-conclusive, demonstrated lack of readiness and willingness. The appeal was dismissed, though the earnest money was ordered to be refunded within one month without interest, or with 7% interest thereafter.
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