1. This is an appeal by special leave under Art.136 of the Constitution against the judgment and order dated November 13,1978 of the High Court of Kerala in M.F.A. No. 145 of 1976.

2. The facts leading to this appeal may be briefly stated thus: The appellant is the Maharashtra State Electricity Board (hereinafter referred to as 'the Electricity Board'). Cochin Malleables (P) Ltd., (in liquidation) (hereinafter referred to as 'the Company in liquidation') used to enter into contracts with the Electricity Board before it was ordered to be wound up by the High Court of Kerala to supply goods to the Electricity Board pursuant to tenders which were being issued from time to time. One of the terms usually found in such tenders was that the intending supplier of goods should pay as earnest money and/or security to the Electricity Board along with every tender a sum approximately equivalent to 10% of the estimated price of the goods in question. There was, however, a provision for exempting payment of such earnest money or security deposit in the case of those tenderers who would keep a permanent deposit of Rs 50,000/- either in cash or in any form approved by the Electricity Bo