Allowing an appeal in National Thermal Power Corporation Ltd v M/s Ashok Kumar Singh & Ors, the Supreme Court held that a condition in a tender notice that earnest money would be forfeited if a bid was withdrawn was valid and not contrary to section 5 the Indian Contract Act, 1872.
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
