(MOHIT S.SHAH, C.J.)

1. The Maharashtra State Road Development Corporation (MSRDC) has been engaged in the implementation of a project involving the construction of fifty five flyovers in Mumbai. In order to recover the cost of construction, MSRDC has been given a right to collect a toll at five entry points to the city. MSRDC proposed to award a contract under which it would take an upfront payment for the repayment of a project loan, against the securitization of collection at the five entry points into Mumbai, and for other related work. In addition to the payment of upfront money to MSRDC, the proposal required (i) Operation and maintenance of flyovers and allied structures; and (ii) Collection of tolls at five entry points into Mumbai. In order to implement the project, MSRDC floated a tender inviting bids for the appointment of a contractor. The tender notice invited bids from Companies or Consortia of not more than three members. An upfront payment of Rs.2,100/- crores was stipulated and there was a requirement of bid security in the amount of Rs.105 crores.

2. The eligibility criteria for bidders contained financial criteria and toll experience. The financial crit