Forfeiture of token amount

Hi, This is with regards to my property that i was selling in Naigaon (West) through one of my agents. A Buyer liked the house and they paid me token amount of 21000/- , purchasing amount of the flat was agreed for 17.75 lacs. At the time of giving token the buyer had assured me that they "already have the bank approval" and would pay me 10% by Cash and 90% as Loan amount and within a month the deal would be closed. Its been exaclty 45 days from the date i received the token, but there has not been any progress from the buyer with regards to 90% loan and 10% as Cash of the purchase amount. They said there is a guarantor issue going on and when i asked them for the 10% cash other the the loan of 90%, they denied to pay me, saying that "they are yet to submit documents with the bank as they do not have the Approval letter from the bank", they lied to me while giving the token, it was only Verbal approval they had received from the bank and they denied paying the 10% as they were not sure whether their documents will be cleared by the bank or not. They wanted me to wait more till the bank approves and wanted their own sweet time to pay the amount, also they werent sure if their loan will be approved or not. It is more than 45 days now and i cancelled the deal and denied to refund the Token they had given. I used to follow-up everyday with them but they always said they would callback within 2 hours, but no call was received, they ignored my follow-ups at times. They are asking me to return their token as i wasnt waiting as per their time. (today is the 48th day). Please let me know if i was right in not refunding the token and if there is a legal way i have as they harass me for the token amount to be refunded back to them.