is the company liable?

A entered into the agreement with company B. A paid a sum of deposit money to purchase the land as a part of agreement with company A. However there is no formal agreement between those two party and A agreed to enter into formal agreement with company B after the first notice, otherwise the deposit will be forfeited. After the first notice, A makes a call to the company and one of the managing director answered the phone. A asked for the time extension of the agreement as he need more time to proceed with bank loan. The managing director accept the request. However, on the due date, A find out that the company has sold the land to other purchaser and his deposit has been forfeited. As for my question, is the company liable and can be legally enforceable? Thank you in advance