Smt. Anusaya W/O Bajrang And Ors. vs Smt. Raghunath Shankar Rahate And Ors. on 21 July, 2000
11. With reference to the submission of Mr. Thorat that the Appellant No. 1 did not have the present right to enter into the agreement of reconveyance [grounds (c) and (d) of Appeal], Mr. Shah drew my attention to a judgment of the Apex Court in the case of Habiba Khatoon v. Ubaidul Haq wherein even the assignee of the purchaser was held to be having the right of reconveyance. In the present case, the agreement of sale and agreement of reconveyance were entered into on the same day and they operate as the consideration for each other. Therefore the submission was that it cannot be said that there was any absence of consideration when the agreement of reconveyance was entered into or that no consideration was received on that date. In our case, it was a case of a set of promise and counter-promise, each forming consideration for each other between the parties who were directly concerned in the transaction. Mr. Shah submitted that reference to Sections 5 and 54 of tin- Transfer of Property Act by Mr. Thorat was misconceived inasmuch as when Section 5 defines the concept of transfer, it specifically provides that transfer can be in present or in future.