CIMMCO LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) Prefatory Facts

(2.) On 27 July 1995, the respondent i.e. Union of India (hereafter referred to as "UOI"), had floated a tender for procurement by way of financial lease, 4000 wagons under a Build-Own-Lease-Transfer Scheme (in short "BOLT Scheme"). The wagons, which were to be supplied, consisted of two types i.e. open and covered wagons. The petitioner i.e. CIMMCO LTD (hereafter referred to as "CIMMCO"), submitted its bid against the aforementioned tender. CIMMCO's bid having been found suitable was accepted by UOI.

(3.) Accordingly, a Letter of Intent dated 18 March 1996 (in short "LOI") was issued in favour of CIMMCO for leasing 1000 open wagons and 200 covered wagons under the BOLT Scheme at the rates and on the terms stipulated therein.