JUDGMENT :

1. The petitioners have assailed the decision of cancellation of allotment taken in the 67th Meeting of the Board of Directors of the respondent no. 2 held on July 30, 2012. They have also challenged the letter dated August 24, 2012 issued by the General Manager (Marketing) - I of the respondent no. 2.

2. Learned Senior Advocate appearing for the petitioners has submitted that, the petitioner was allotted a plot of land for the purpose of establishing a modern showroom/commercial unit in the action area IIE of Jyoti Basu Nagar (erstwhile New Town), Kolkata. The decision to allot such plot was taken by the Board of Directors of the respondent no. 2 in its 56th Meeting held on December 21, 2010. The first petitioner was allotted 10 cottahs of the land at such area. In its 57th Meeting, the Board of Directors of the respondent no. 2 decided to allot 30 cottahs of land to the first petitioner. The respondent no. 2 allotted 30 cottahs of land bearing Plot No. IIE/17 within action area IIE of Jyoti Basu Nagar (erstwhile New Town), Kolkata on freehold basis at the price of Rs. 4,00,92,000/-. The petitioners paid the entire amount of Rs. 4,00,92,000. Subsequent to the payment of t