JUDGMENT :

1. In this writ petition, the petitioner has prayed to quash the part of letter as contained in Ref. CCL/HQ/C-4/FSA/2021-22/1628 dated 23.8.2021, whereby the bid security deposited by the then Adhunik Alloys and Power Limited was forfeited after cancelling the linkage. A further prayer has been made to refund the deposit of Rs. 59,50,000/-.

2. Learned counsel appearing on behalf of the petitioner submitted that on the facts of this case, the respondents could not have forfeited the bid security. He further submitted that the bid security was deposited with the respondent-M/s Central Coalfields Limited (hereinafter to be referred as ‘CCL’) through the auction provider namely, MSTC by the Adhunik Alloys and Power Limited (hereinafter to be referred as ‘AAPL’) through the Resolution Professional as the said company AAPL was under the Insolvency Resolution Process. When admittedly the respondent CCL did not raise any claim with the Resolution Professional in regard to any outstanding demand which they could not have made in relation with M/s AAPL, now they could not forfeit the security nor could adjust any dues. He further submitted that since none of the dues of AAPL payable