Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness.

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....Tender eligibility conditions based on financial creditworthiness may exclude companies whose Promoter Directors are defaulters or associated with non-performing credit facilities, because persons controlling a closely held company affect its commercial standing. The discussion treats a "Promoter Director" as extending beyond formal promoter classification to a person exercising direct or indirect control over management or policy, including through continuing executive functions. Tender terms remain within the contractual domain, with judicial review limited to arbitrariness, irrationality, mala fides or bias. A bidder that participates with knowledge of the conditions and undertakes compliance cannot ordinarily challenge them after disqua.........