Arijit Banerjee, J. - (1.) In the present writ petition, the petitioner seeks a direction commanding the respondents to execute the formal Agreement and issue work order in terms of Clause 11 of the Tender dated 13/01/2014 and also prays for refund of Earnest Money Deposit which according to the petitioner, the respondents have wrongfully withheld. Case of the Petitioner: -
(2.) For the purpose of setting up of a Crash Barrier Unit at Kaisergang (UP), the respondent No. 1 (hereinafter referred to as 'SAIL') desired to appoint a Conversion Agent. On 13/01/2014 SAIL published notice inviting tender. SAIL had guaranteed that it would utilize 75 per cent of the entire production and that the appointment of Conversion Agent would be initially for five -years and extendable up to a period of eight years. The Conversion Agent was required to pay Rs. 30 lacs as Earnest Money Deposit and Rs. 40 lacs as Security Deposit. SAIL was required to issue a Letter of Intent in favour of the successful tenderer within sixty days and the Conversion Agent was required to procure the land for setting up of the unit within thirty days thereafter. The Conversion Agent had to put up the unit within a period of 18 months. The Agreement was required to be signed and work order was required to be issued by SAIL thereafter. Clause 26 of the Tender document is an arbitration clause for resolution of possible disputes between the parties through the process of arbitration.
(3.) The petitioner participated in the tender process and became the successful bidder. It deposited earnest money of Rs. 30 lacs and also furnished the Bank guarantee of Rs. 40 lacs towards security deposit as required by SAIL. It also complied with all other requisite formalities.;