National Thermal Power Corp. Ltd vs M/S Ashok Kumar Singh & Ors

The Supreme Court held that the High Court erred in directing the refund of earnest money deposited by the respondent under the Special Conditions of Contract, specifically Condition No. 2, which allows forfeiture upon revocation of the tender. The Court clarified that the withdrawal of the bid constitutes revocation, thus justifying the forfeiture of the earnest money. The appeal was allowed, overturning the High Court's order and upholding the appellant-corporation's decision to forfeit the earnest money.