M/S.Industrial P.I.Corpn.Orrisa Ltd vs M/S. Tuobro Furguson Steels P.Ltd. & Ors

The Supreme Court upheld the Orissa High Court's decision to undo the sale of an industrial unit under the State Financial Corporation Act, 1951, specifically citing Section 29. The Court established that the 'AS IS WHERE IS' clause does not absolve the seller from liability for misrepresentation or failure to disclose material facts. The Corporation was ordered to refund Rs.8,00,000 with interest, affirming the High Court's directive and emphasizing the need for transparency in commercial transactions.