effect, amounted to implementation of the terms and
conditions of the terminated PPA; the last supply effected by the Appellant
to the Respondents ... CERC, amounts to implementation of the terms and
conditions of the terminated PPA which is impermissible in law, the
submission urged on behalf
said notice,
failing which the appellant stated that it
shall terminate the PPA by issuing a
termination notice; and
21.2 The basis of the Second ... notice, failing which the
appellant stated that it shall terminate the
PPA by issuing a termination notice.
22. The first respondent issued his replies
PPA would reveal that for the PPA to be deemed to
be terminated, the following conditions have to be met:-
(i) there should have been ... PPA. In view of Article 4.4 of the
PPA the condition precedent not having been fulfilled, the PPA stands
deemed to be terminated by mutual
PPA.
17
43.2. (ii) Whether the appellant's right to terminate
PPA in terms of Article 9.2.1(e) read with 9.3.1 is
regulated ... insolvency of the
corporate debtor, there would be no ground to terminate
PPA. The termination is not on a ground independent of
the insolvency
Adinath Jewellery Exports vs Mr. Brijendra Kumar Mishra Liquidator ... on 24 April, 2023
NATIONAL COMPANY
insolvency of
the corporate debtor, there would be no ground to
terminate PPA. The termination is not on a ground
independent of the insolvency ... hold that NCLT
was empowered to restrain the appellant from
terminating PPA. However, our decision is
premised upon a recognition of the centrality of
PPA
remedy his
default failing which the power purchase agreement was to be terminated.
The Corporate Debtor filed an Application under Section 60(5) with regard ... Order was passed on 31st May,
2019 restraining the Appellant from terminating PPA till the next date of
hearing. The Adjudicating Authority allowed the Application
account of various force majeure events, and
therefore the PPA ought to be terminated and the Bank Guarantee should be
released immediately; the Petition ... allocated Project Capacity, whichever is higher, and the PPA
for the balance capacity will stand terminated and shall be reduced from the
selected Project Capacity
shall terminate before the Expiry Date:
----
II. if any SECI-WPD PPA gets terminated, the capacity under this
agreement shall automatically be reduced but only
time to submit a final
complaint Resolution Plan. While so, PTC terminated the PPA with the
Corporate Debtor for supply of 200 MW power
