GIAN CHAND vs M/S YORK EXPORTS LTD.

The Supreme Court upheld the High Court's decision that the contract for the sale of land was not frustrated under Section 56 of the Indian Contract Act, 1872, as the plaintiffs failed to obtain necessary permissions, which was their obligation. The Court affirmed the decree for payment of the principal amount of ₹39,20,000 with interest, but limited the interest to the period from the date of the suit's institution. The appeal was dismissed, confirming the lower court's findings on breach of contract and the obligation of the parties.