Bishandayal And Sons vs State Of Orissa & Ors

The Supreme Court held that a concluded contract for the sale of the Mayurbhanj Spinning and Weaving Mills, including land and assets, was not established due to lack of formal agreement and the necessity of compliance with statutory requirements under the Land Acquisition Act. The Court emphasized that mere correspondence and acceptance of terms do not constitute a binding contract without adherence to legal formalities. The appeal was dismissed, affirming the lower court's decision that no enforceable contract existed between the parties.