JUDGMENT

Raja Basu Chowdhury, J. - The present appeal is directed against the judgment dated 19th October, 2012 passed in WP No. 19306(W) of 2006 by which the learned Single Judge was inter alia pleased to direct the appellant to refund the forfeited deposit to the tune of Rs. 14.20 lakhs to the writ petitioners along with interest @ 12 % per annum from the date of institution of the writ petition till the date of payment. The appellant was also directed to pay costs of Rs. 20,000/- to the writ petitioners.

2. Shorn of unnecessary details, the facts are that on 12th May, 2004, the appellant, being the West Bengal Financial Corporation, published a sale notice in exercise of power under Section 29 of the State Financial Corporation Act, 1951 (hereinafter referred to as the Act of 1951) inviting offers for sale of various fixed assets inter alia including those of Bandel Ceramics Private Limited (hereinafter referred to as the Unit). The fixed assets of the Unit which formed part of the said advertisement was 'Land :

About 2 acres with Shed & Building, Jaw-Crusher, Pan Mill, Pulveriser, Muller Mixture, 150 T Friction Scrow Press, Down Draft Kiln etc. with laboratory equipments'. The wri