2014 (1) TMI 1590

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....tters were admitted by this court by orders dated February 22, 2007, and February 5, 2007. However, no substantial question of law was formulated at the time of admission. Since all these matters have come up for final hearing, the court in order to discharge the statutory obligation, ventures to formulate the following sub- stantial question of law. "Whether the learned Tribunal, on the facts ....

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....the entire amount as claimed by the owner being the price of the goods, it is optional for the hirer to buy up to become owner or not. In the event, he exercises his option to buy them, then, the owner of the goods is bound to convey the same by transferring title in favour of the hirer. On the other hand, if the hirer does not exercise his option, then the goods in question must be returned and t....

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....ms and conditions set out in the agree- ment, and the option to purchase exercisable by the customer on pay- ment of all the instalments of hire arises when the instalments are paid and not before. In such a hire purchase agreement there is no agreement to buy goods ; the hirer being under no legal obligation to buy, has an option either to return the goods or to become its owner by payment in ful....