1. The plaintiff has filed this suit for recovery of Rs. 60,79,875/- along with interest at the rate of 18% per annum from the date of filing of the suit till the date of realization. A brief summary of the facts leading to the instant suit is as follows:

2. Delhi Development Authority (DDA), the defendant, held a public auction on March 12, 1982, for sale of a commercial plot admeasuring 351 sq. yds at No. 9, Asaf Ali Road, New Delhi (suit property). Rama Associates, the plaintiff participated in the auction and being the highest bidder at Rs. 186 lakhs, its bid was accepted on March 20, 1982.In accordance with the Terms and Conditions of the auction (contract), the plaintiff deposited a sum of Rs. 46.50 lakhs, being 25% of the total bid amount. However, disputes arose between the parties and the plaintiff cancelled the contract, seeking return of the sum of Rs. 46.50 lakhs. However, the defendant has appropriated the said sum on the ground that the plaintiff failed to comply with the terms within the stipulated time.

3. The plaintiff’s case is as follows:

4. The plaintiff submits that it is a private limited company, and that M/s. Essel Properties and Industries is