JUDGMENT

Surinder Singh Nijjar, J. —

1. This appeal is directed against the Judgment and Order dated 26.11.2001 in C.W.P.5725/2001 of the High Court of Punjab and Haryana at Chandigarh.

2. The respondent had approached the High Court with a prayer that the order dated September 30, 1998 by which the Haryana Financial Corporation (hereinafter referred to as the appellants/Corporation), had forfeited, amount of Rs.2.5 lakhs, deposited by the respondent by way of earnest money, be quashed. The respondent had also prayed that the appellants /Corporation be directed to refund the amount illegally forfeited along with interest.

3. Shorn of unnecessary details, we may notice here only the relevant facts.

4. On 8.1.1998, the appellants/Corporation issued an advertisement for sale of various units, including the land of M/s. Unique Oxygen Private Limited(hereinafter referred to as the defaulting unit), Old Hansi Road, Jind. On 28.1.1998 respondent initially made an offer of Rs.25,00,000/-, which was subsequently during negotiations enhanced to Rs.50,00,000/-. On that very day the respondent deposited an amount of Rs.2.5 lakhs by way of earnest money. On 29.1.1998 the respondent wrote a lett