Calcutta HC directs NJMC to Refund Earnest Money for Arbitrary Conduct

Sushil Kumar Thard Vs National Jute Manufactures Corporation Limited & Ors. (Calcutta High Court) The Calcutta High Court has directed the National Jute Manufactures Corporation (NJMC), a Government of India undertaking, to refund the pre-bid earnest money deposit to a bidder, Sushil Kumar Thard, deeming the forfeiture of the amount as unreasonable, arbitrary, and contrary to law. The case arose from an e-auction floated by NJMC for the disposal of movable assets of Khardah Jute Mills. Thard, the successful bidder, deposited ₹2.20 crores as pre-bid earnest money. After his bid was accept...