M/S.INDUSTRIAL P.I.CORPN.ORRISA LTD. vs M/S. TUOBRO FURGUSON STEELS P.LTD.

The Supreme Court upheld the Orissa High Court's decision to annul the sale of an industrial unit under the State Financial Corporation Act, 1951, specifically referencing Section 29. The Court established that the 'AS IS WHERE IS' clause does not absolve the seller from disclosing material defects or liabilities associated with the property. The Corporation was directed to refund the down payment of Rs.8,00,000/- along with interest, affirming the High Court's order.