JUDGMENT

Krishna Rao, J. - The respondent being the owner of the Premises No. 169, Rash Behari Avenue, Kolkata had published a tender notice on 5th September, 1998 for construction of commercial building complex. The petitioner had participated in the said tender by depositing an amount of Rs. 2,00,000/- as an earnest money with the condition that in case the offer of the petitioner is accepted the said amount shall be treated as security deposit. The respondent had accepted the offer of the petitioner on 7th October, 1999 and on 23rd July, 2001 an agreement was entered between the respondent and petitioner for construction of multistoried Air Conditioned Commercial Complex in the aforesaid property. As per the terms and conditions of the contract the petitioner had deposited further amount of Rs. 8,00,000/- as security deposit and the respondent had converted the earnest money of Rs. 2,00,000/-deposited by the petitioner as security deposit and the total security amount would come Rs. 10,00,000/-.

2. As per the terms and conditions of the agreement entered between the parties the respondents shall return 50% of the security amount on completion of the work and the remaining 50% of t