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SUBRAMONIUM PRASAD, J.

1. The Petitioner has filed the instant Writ Petition filed impugning the decision dated 16.12.2022 bearing Reference No. REMCL/CO/PP/P-85 (hereinafter referred to as "Impugned Decision") rendered by the Respondent, REMC Limited, in terms of which, the Respondent has declared the Petitioner to be technically ineligible to participate in the procurement process of 1000 MW of Round-the-Clock Power from Grid- Connected Renewable Energy Power Projects, issued vide the Request for Neutral Citation Number - 2023:DHC:2069-DB Selection bearing reference number REMCL/CO/PP/P- 85/RTC/1000MW/2022 dated 14 July 2022 (hereinafter referred to as "Request for Selection"). Shorn of details, the controversy that has arisen before this Court is that the Petitioner was found ineligible to participate in the tender process since the "net worth" quoted by it was inclusive of the value of its preference shares, which, in the view of the Respondent ought to be excluded from such net worth and pursuant to such exclusion, the "net worth" criteria set out under the Request for Selection is not being satisfied. The short issue that is to be decided in this case is whether the value of preference shares can be included while computing "net worth" and accordingly, whether the Respondent erred in declaring the Petitioner ineligible to participate in the tender process in terms of the Request for Selection.

3. The factual matrix of the dispute leading up to the filing of the instant Petition is set out hereinbelow: -

i. On 14.07.2022, REMC Limited issued a Notice Inviting Tender (hereinafter referred to as "NIT"), being NIT No: