9911796707
TMI Blog2023 (1) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... Infratech Limited and liquidation proceedings commenced with the appointment of respondent No. 2 as the Liquidator and respondent No. 1 took possession of the assets - HELD THAT:- There is no cavil to the issue that the appellant seeks to wriggle out of the PPA albeit on a ground that they are entitled to do so in terms of the agreement. There is no question of law raised to be examined by this C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Purchase Agreement (PPA) with M/s Lanco Infratech Limited for the Bhadrada Solar Power Project(Power Plant) for tariff determined for two phases of period of time of 12 years and 13 years. Respondent No. 1 issued the term loan facility to M/s. Lanco Infratech Limited. The endeavour for re-determination of tariff by the appellant was not successful. There were supervening circumstances of insol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the manner in which such proceedings and clauses have to be appreciated in the PPA, more specifically, in Gujarat Urja Vikas Nigam Ltd. vs. Mr. Amit Gupta & Ors. (2021) 7 SCC 209, further elucidated in Tata Consultancy Services Ltd. Vs. Vishal Ghisulal Jain Resolution, (2022) 2 SCC 583. There is no cavil to the issue that the appellant seeks to wriggle out of the PPA albeit on a ground that they ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oing discussion and keeping in view the objective of the Insolvency and Bankruptcy Code, 2016 which relates to maximization of the value of assets for resolution of the corporate person, it stands to reason that the Solar Power Plant i.e. physical assets realizes its full economic value only if it functions in conjunction with the PPA. The steady and assured revenue stream resulting from the exist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and having given thought to the matter, we do believe that there is no question of law raised to be examined by this Court within the parameters of Section 62 of the Code and the examination of the facts of the case under the law enunciated cannot be doubted. In view of the aforesaid, we dismiss the appeal, leaving parties to bear their own costs. Learned counsel for respondent No. 1 states that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
