JUDGMENT

ARUN MISHRA, J.

1. Leave granted.

2. The appeal arises out of judgment and order dated 17.1.2011 passed by the High Court of Punjab & Haryana at Chandigarh thereby setting aside the judgment and decree of District Judge dated 29.11.2010 and restoring the judgment and decree of Civil Judge passed on 14.10.2010. The plaintiff Bhudeep Builders and Exporters Pvt. Ltd. were later renamed as M/s. Orchid Infrastructure Developers P. Ltd. The plaintiff-respondent filed a suit for declaration with consequential relief as against the appellants with regard to rejection of bid relating to the commercial tower situated in Sector 29, Urban Estate, Gurgaon, in area admeasuring 9.527 acres. The bid submitted by the plaintiff was the highest of Rs.11,17,50,000/-. The reserve price was Rs.106.65 crores. The main terms and conditions of the auction were as under :

(i) 10% of the bid amount to be tendered on the spot at fall of hammer.

(ii) 15% of the bid money to be deposited within 30 days from the date of issuance of allotment letter.

(iii) 75% of the amount to be paid within 60 days f