Gujarat Urja Vikas Nigam Limited (GUVNL) filed an appeal against the Impugned Order dated 25.04.2024 passed by the National Company Law Tribunal (NCLT), New Delhi, Court – III, in application being IA-1241/2023 in CP No. (IB) – 1083 (PB)/2018. The NCLT rejected GUVNL's claims of Rs. 3,36,09,886/- against Adel Landmarks Private Limited, the Corporate Debtor. The appeal arises from a Power Purchase Agreement (PPA) between GUVNL and the Corporate Debtor, where GUVNL claimed compensation for the termination of the PPA due to the Corporate Debtor's inability to supply power. The core issue revolves around the validity of GUVNL's claim given the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and the subsequent moratorium imposed
…Gujarat Urja Vikas Nigam Limited (GUVNL) and Adel Landmarks Private Limited (Corporate Debtor) entered into a Power Purchase Agreement (PPA) dated 29.05.2007. The Corporate Debtor could not supply power since March 2015, leading to a default under the PPA. GUVNL issued a default notice on 15.06.2019 and a termination notice on 25.11.2019, seeking compensation of Rs. 3.36 Crores. GUVNL filed a petition before the Gujarat Electricity Regulatory Commission on 04.07.2020 for recovery of the amount. GUVNL came to know about the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and withdrew its petition before the Gujarat Electricity Regulatory Commission. GUVNL filed its claims in Form B with the Resolution Professional (RP) on 01.07.2021. The RP
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Gujarat Urja Vikas Nigam Limited (GUVNL)…
The Corporate Debtor could not supply power…
Gujarat Urja Vikas Nigam Limited (GUVNL) filed an appeal against the Impugned Order dated 25.04.2024 passed by the National Company Law Tribunal (NCLT), New Delhi, Court – III, in application being IA-1241/2023 in CP No. (IB) – 1083 (PB)/2018. The NCLT rejected GUVNL's claims of Rs. 3,36,09,886/- against Adel Landmarks Private Limited, the Corporate Debtor. The appeal arises from a Power Purchase Agreement (PPA) between GUVNL and the Corporate Debtor, where GUVNL claimed compensation for the termination of the PPA due to the Corporate Debtor's inability to supply power. The core issue revolves around the validity of GUVNL's claim given the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and the subsequent moratorium imposed
…Gujarat Urja Vikas Nigam Limited (GUVNL) and Adel Landmarks Private Limited (Corporate Debtor) entered into a Power Purchase Agreement (PPA) dated 29.05.2007. The Corporate Debtor could not supply power since March 2015, leading to a default under the PPA. GUVNL issued a default notice on 15.06.2019 and a termination notice on 25.11.2019, seeking compensation of Rs. 3.36 Crores. GUVNL filed a petition before the Gujarat Electricity Regulatory Commission on 04.07.2020 for recovery of the amount. GUVNL came to know about the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and withdrew its petition before the Gujarat Electricity Regulatory Commission. GUVNL filed its claims in Form B with the Resolution Professional (RP) on 01.07.2021. The RP
…Gujarat Urja Vikas Nigam Limited (GUVNL)…
The Corporate Debtor could not supply power…