petitioner’s extensive liabilities, considering its bid to have been qualifying, can result in the real possibility of non-performance of the contract itself. Facially, the petitioner’s argument with respect to inadequate working capital being addressed through a line of credit made available by SREI Infrastructure banker seems plausible. At the same time, this Court is of the opinion that though plausible, that interpretation is not the only reasonable one. The ONGC’s argument that the shortfall or inadequacy in working capital requirements addressed through a short term credit, in the manner done, in the circumstances of the case, is not adequate at all is reasonable on several grounds. The line of credit made available in terms of to what extent and in what terms the banker would make good the inadequacy and whether the terms are such that there would be sufficient cash flow for specifically funding the contract (if awarded) during the performance period and whether, importantly, such liability will be, in any way, kept apart from the other liabilities so that in the event of creditors moving in and seizing the assets, the contract can nevertheless perform, are matters that are left unsaid and unclear. It is, in these circumstances, that the inadequate working capital requirements assume importance as a relevant factor.
