Gujarat Urja Vikas Nigam moves SC against PTC
Power Utility Gujarat Urja Vikas Nigam (GUVN) has approached the Supreme Court seeking quashing of a Gujarat High Court order asking it to award contract to PTC for supply of 440 MW electricity at Rs 2.89 per unit.
By PTI |
NEW DELHI: Power Utility Gujarat Urja Vikas Nigam (GUVN) has approached the Supreme Court seeking quashing of a Gujarat High Court order asking it to award contract to PTC for supply of 440 MW electricity at Rs 2.89 per unit.
A bench headed by Justice B N Agarwal refused to entertain the GUVN plea seeking stay on the high Court order. The matter will come up for hearing on November 16.
The high court had passed the order after PTC and Jindal Power had challenged cancellation of Letter of Intent awarded to them by GUVN and awarding the contract to Adani Enterprises.
Challenging the High Court's order, the utility said it had "validly exercised the right to cancel LoI" in the larger consumer interest as PTC and Jindal had failed to fulfil contractual obligations.
The petition filed through Hemantika Wahi said there was enough capacity available even after awarding of contract to Adani and the High Court had proceeded on wrong basis that the bids were invited for 2000 MW.
"The High Court had failed to consider the fact that what was in issue is not the quantum of power required by the petitioner but the submission of the bank gurantee within the prescribed time and the price," she added.
Under the terms of the bid, the three successful bidders - Adani, PTC and Jindal - were to execute the power purchase agreement (PPA) for different quantums of electricity within 30 days of the letter of award.
A bench headed by Justice B N Agarwal refused to entertain the GUVN plea seeking stay on the high Court order. The matter will come up for hearing on November 16.
The high court had passed the order after PTC and Jindal Power had challenged cancellation of Letter of Intent awarded to them by GUVN and awarding the contract to Adani Enterprises.
Challenging the High Court's order, the utility said it had "validly exercised the right to cancel LoI" in the larger consumer interest as PTC and Jindal had failed to fulfil contractual obligations.
The petition filed through Hemantika Wahi said there was enough capacity available even after awarding of contract to Adani and the High Court had proceeded on wrong basis that the bids were invited for 2000 MW.
"The High Court had failed to consider the fact that what was in issue is not the quantum of power required by the petitioner but the submission of the bank gurantee within the prescribed time and the price," she added.
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Under the terms of the bid, the three successful bidders - Adani, PTC and Jindal - were to execute the power purchase agreement (PPA) for different quantums of electricity within 30 days of the letter of award.
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