Supreme Court Dismisses Challenge to Forfeiture of Security Deposit in Tender Matter — Bid Modification During Validity Period Justifies Forfeiture Under Clause 14.5(b). The Court held that the petitioner's request to modify its price bid after submission constituted a variation under the tender clause, justifying forfeiture without proof of loss under Section 74 of the Indian Contract Act.
3 Dec 2021The case involves a dispute between Pooja Ceratech Private Limited (petitioner) and Oil and Natural Gas Corporation Ltd. (respondent) regarding the fo...
