Contingent agreement to sell depends on bank settlement approval, defeating interim injunction and specific performance claim.

An agreement to sell that expressly made payment of the balance consideration and completion of the transaction dependent on a bank's acceptance and signing of a one time settlement was treated as contingent rather than concluded. Because the bank was not a party to the agreement and had not approved the settlement, the core contractual obligations remained subject to third-party approval, so the petitioner could not establish a prima facie right to specific performance or to restrain alienation of the secured property by interim injunction. The petitioner's remedy, if any, was limited to recovery of amounts paid.

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Issues: Whether the agreement to sell was a contingent agreement dependent upon acceptance of the one time settlement by the bank, and whether the petitioner was entitled to interim injunction to restrain alienation of the suit property pending the suit.

Analysis: The agreement expressly linked payment of the balance consideration and completion of the transaction to acceptance and signing of the one time settlement by the bank, which held the property as a secured asset. Since the bank was not a party to the agreement and had not approved the settlement, the performance of the core terms remained dependent on a third-party approval and the contract could not be treated as concluded in the absence of such approval. On these terms, the petitioner could at best seek recovery of the amounts paid, but could not claim a prima facie right to enforce specific performance or to prevent the bank from proceeding against the secured property for recovery of its dues.

Conclusion: The agreement was held to be contingent, and the petitioner was not entitled to interim injunction or specific performance on the facts presented.

Ratio Decidendi: Where the essential performance of an agreement to sell is made dependent on acceptance of a one time settlement by a third-party bank, the agreement remains contingent and cannot support interim protection for specific performance in the absence of such approval.

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