GMR Energy has appealed in the Delhi High Court for its disqualification from bidding for three power transmission projects worth Rs 6,800 crore and requested a stay on the tendering process.

The company has filed three petitions against the Union Ministry of Power, REC and PFC which had invited bids from the private sector for undertaking three transmission projects.

According to the petition, GMR Energy was disqualified on the ground that the formula for calculation of Internal Resource Generation (IRG), one of the criteria for qualification, was not correct.

In its petition, GMR had sought an opinion from the Institute of Charted Accountants on the issue. The ICAI said the formula adopted by it for calculation of IRG is correct and acceptable, and in fact, compliant with well-established accounting standards, GMR Energy submitted in the petition.

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