JUDGMENT:

KAPADIA, J.

1. State of Maharashtra through Maharashtra State Road Development Corporation Ltd. (for short, "MSRDC") floated Global Tender for completing Mumbai Trans Harbour Link ("MTHL") between Mumbai and Navi Mumbai on BOT basis.

2. Reliance Energy Limited is a company registered under the Companies Act, 1956. It is engaged in generation, transmission and disbursement of power in Maharashtra, Delhi etc.

3. Hyundai Engineering and Construction Company Ltd. (for short, "HDEC") is a company incorporated in Korea. It is specialized in construction of bridges.

4. At this stage, it may be noted that the above Project is to be at the cost of Rs. 26000 million (Rs. 2600 crores). The bidders were required to submit RFQ Document by 10.1.2005. Under the PQ Document, M/s Jean Muller, France was appointed as consultant by MSRDC. Under the PQ Document, the bidders were required to submit financial statements of three financial years subject to the condition that the latest should not be earlier than the financial year ending 31.12.2002. REL/HDEC formed a consortium. As a consortium they were required to comply with clause 7.2.2 which stipulated net cash profit at Rs. 200 crores. The sai