As part of the tender requirements, there were requirements of provision of submitting additional performance security. There are disagreements over providing of this additional performance security due to certain technicalities. Whilst we have made various representations to the authorities on the same as well as communicated our willingness and commitment to execute the agreement. However, to our disappointment, the authorities decided to cancel the letter of acceptance
Though Krsnaa was initially contesting the performance guarantee demanded by the authorities, they had finally agreed to pay it. Despite this, the tender was canceled. Since TCIL the bid partner is a mini Ratna and quasi govt entity, it got the Additional Solicitor General of India to mediate.
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