Inder Mohan Goswami & Another vs State Of Uttaranchal & Others

The Supreme Court addressed the validity of a sale agreement under Section 482 Cr.P.C., emphasizing that time is of the essence in contracts as per the principles established in Section 55 of the Indian Contract Act, 1872. The Court held that the failure of the respondent to pay the balance amount within the stipulated time justified the cancellation of the agreement and forfeiture of the earnest money. Consequently, the non-bailable warrant issued against the appellants was deemed improper, leading to the quashing of the High Court's order.