State Of Haryana & Ors vs M/S Malik Traders

The Supreme Court upheld the decision of the High Court regarding the forfeiture of the Bid Security under the terms of the tender process. The Court emphasized that the respondent, M/s. Malik Traders, was bound by its bid validity period as per the tender conditions, specifically noting that the respondent's withdrawal of interest was ineffective since it occurred before the expiration of the 90-day bid validity period. The Court affirmed the cancellation of the letter of acceptance and the forfeiture of the Bid Security amounting to 20 lakhs, establishing that a bidder cannot unilaterally withdraw from a tender process once the bid has been submitted and accepted within the stipulated timeframe.