JUDGMENT

S.N. Variava, J.-Leave granted.

2. Heard parties.

3. This Appeal is against an Order dated 29th February, 2000 by which the Writ Petition filed by the Appellant has been dismissed.

4. Briefly stated the facts are as follows :

The Respondent held an auction sale on 28th November, 1995. At this auction sale the Appellant was the highest bidder. In terms of the conditions of the auction sale the Appellant, of the same day, deposited a sum of Rs. 6,54,500/-. As per the terms of the auction sale the balance 75% of the amount had to be paid within 60 days from the issue of the Demand Letter. However, if sufficient cause was shown then the Chairman could extend time up to a maximum period of 180 days, subject to payment of interest on the balance amount at the rate of 18% per annum. The Demand Letter was issued on 3rd January, 1996. The balance sum of Rs. 19,63,545/- had to be paid, in terms of the auction sale, within 60 days of the said letter.

5. The Appellant deposited a sum of Rs. 5,50,000/- on 19th February, 1996. The Appellant then asked for extension of time to make the balance payment. By a letter dated 29th March, 1996 the Appellant was granted extension of time subject to pa