A.P.I.I.C.Ltd vs M/S Team-Asia Lakhi Semiconductors ...

The Supreme Court upheld the forfeiture of the earnest money deposit by the Andhra Pradesh Industrial Infrastructure Corporation Ltd. under the terms of the allotment letter dated 31st August 1988, as the allottee, M/s. Team-Asia Lakhi Semiconductors Ltd., failed to make the payment within the stipulated 60 days as per clause 8 of the allotment conditions. The Court emphasized that the allotment was cancelled due to non-compliance with payment terms, and the appellant was entitled to take possession of the plot. The judgment reinforces the principle that contractual conditions must be adhered to, and failure to do so results in forfeiture of deposits.