JUDGMENT :

1. In this writ petition instituted under Article 226 of the Constitution of India, the petitioners including the petitioner no. 1, M/s Assam Air Products Private Limited, have laid challenge to an Order dated 31.08.2018 passed by the respondent no. 1, M/s Oil India Limited [‘the OIL’ and/or ‘the respondent company’, for short] through its Resident Chief Executive [In-Charge], whereby, the said authority as the Competent Authority in exercise of inherent power and as laid down in the respondent company’s Banning Policy had banned the petitioner no. 1, M/s Assam Air Products Private Limited for a period of 3 [three] years from entering into any contract with the respondent OIL and from carrying out any business with it. The impugned Order dated 31.08.2018 had further observed that the order of banning shall be effective from the date of placing M/s Assam Air Products Private Limited under suspension, that is, w.e.f. 21.07.2018.

2. Before going into the respective contentions raised by the rival parties and the issues involved in the writ petition, it would be apposite to delineate some of the previous events which have relevance with them.

2.1. The respondent OIL, a Government of India Enterprise, in connection with its operations invited International Competitive Bids [ICB] vide Tender no. OIL/CCO/PDNG/GLOBAL/253/2009 from competent and experienced contractors for a contract-work with description :- ‘Hiring of Gas Compression Services on Build, Own and Operate [BOO] basis for a period of 4 [four] years extendable by another 1 [one] year’ [‘1st Contract-Work’, for short]. The petitioner no. 1, M/s Assam Air Products Private Limited [hereinafter referred to as ‘the petitioner no. 1 company’ or ‘the petitioner company’, for the sake of easy reference] participated in the bidding process initiated by Tender no. OIL/CCO/PDNG/GLOBAL/253/2009 by submitting its bid on 12.03.2010 along with other bidders.

2.2. By a Letter of Award [LoA] bearing reference no. CCO/CF/167/2010 dated 24.08.2010, the respondent OIL awarded the 1st Contract-Work for ‘Hiring of Gas Compression Services on Build, Own and Operate [BOO] basis for a period of 4 [four] years extendable by another 1 [one] year’ to the petitioner company at a total estimated Contract Cost of Rs. 17,33,46,800/- inclusive of all taxes and duties except service tax which shall be to the OIL’s account. The Letter of Award [LoA] dated 24.08.2010 mentioned about hiring of Gas Compression Services of 6 [six] units and also, the cost details of the 1st Contract- Work. The Letter of Award [LoA] further mentioned that the petitioner company had to complete mobilization of the 6 [six] Gas Compressor Stations [GCSs] within 210 days from the date of issuance of the Letter of Award [LoA]. Subsequently, a Contract Agreement was executed between the petitioner company and the respondent OIL on 03.11.2010 in respect of the 1st Contract-Work.

2.3. By another Letter bearing no. CCO/CF/005/2012 dated 09.04.2012, the respondent OIL requested the petitioner company to supply an additional Gas Compressor Station [GCS] against Contract no. OIL/CCO/PDNG/GLOBAL/253/2009 on Build, Own and Operate [BOO] basis for the remaining period of the 1st Contract-Work. It was intimated that the petitioner company should try to complete mobilization as early as possible within a maximum mobilization period of 210 days from the date of issuance of the Letter dated 09.04.2012 and the contract period for the additional Gas Compressor Station [GCS] would be from the date of completion of mobilization of the Gas Compressor Station [GCS] to the remaining period of 4 [four] years of the original Contract Agreement.

2.4. By another Letter bearing no. CCO/CF/005/2012-13 dated 09.01.2013, the respondent OIL requested the petitioner company to supply two additional Gas Compressor Stations [GCSs] against Contract no. OIL/CC