JUDGMENT

B. Sudershan Reddy, J.—

On February 18, 1975 the M.P. Housing Board (for short ‘the Board’) and Progressive Writers and Publishers, New Delhi (hereinafter called as the ‘depositor’) entered into an agreement whereunder the Board agreed to construct a building called the ‘Hitavada Press Complex’ on the land admeasuring 33932 sq. ft. situated at T.T.Nagar, Bhopal. The terms of agreement, inter-alia, provided that the Board would execute the construction of Hitavada Press Complex and charge 5% supervision charges of the actual expenditure on the project. The cost of construction was to be borne by the depositor. The depositor was required to place funds including supervision charges at the disposal of the Board in advance as agreed upon. The work was expected to be completed within 18-24 months. The possession of the land was handed over to the Board for the purposes of construction of building. In case of overrun of expenditure and funds, the revised estimates were to be submitted and the administrative approval of the depositor was required to be obtained. In the event of any dispute, the matter was required to be referred to the Secretary, Government of Madhya Pradesh for