Non Refund Of Booking Amount

I booked a Toyota Innova from this dealer Jolly Motors-Rajouri Garden on 20-06-2010. I gave him booking amount of Rupees50,000/- and he promised me to get a loan within a week from a private finance company with 16% rate of interest. I provided him with all the relevant documents that he kept asking me from time to time. I also provided him with 3 guarantors as he demanded. On 03-07-2010 he said come with your balance amount and take your car, your loan has been approved. but when I went to him he said that my loan has been rejected and to pay the total amount in cash or he will forfeit my booking amount of Rupees50,000/- Please advice me what should I do?