HP HC reserves verdict on Adani power plea to release Rs 280 Cr upfront deposit 

Photo used for indicative purpose only. Source internet
Shimla, Dec 4
Himachal  Pradesh High Court has reserved the verdict into the plea of M/s Adani Power Limited, which has prayed to refund upfront premium to the tune of Rs 280.969 crore, deposited against  960 MW Jangi Thopan hydel power projects  allotted to Netherland based Brakel corporation NV in 2006-07. Single bench of Justice Sandeep Sharma on Thursday ordered the reserve verdict, in a high profile matter.
Earlier to the order counsel for the state and Advocate General Ashok Sharma opposed the the petition making counter arguments that Adani Power was never party in the power project and State govt has been dealing with Brakel NV in the  said power project.
M/s Adani Power had  filed a Writ petition in the year of 2019 with the prayer for refund of an amount of Rs 280.269 crores together with interest there upon at the rate of 18 percent from the date of the payment until the refund to the petitioner with further ancillary prayers for quashing of the communications letter dated 7th December 2017  and 10 th October 2017.
In 2006 two hydro projects Jangi Thopan – Powari in Kinnaur Distt, were allocated to Brakel Corp after bidding. At that time Brakel NV could not deposit the upfront money within the set time limit. So, the 2nd highest bidder Reliance infrastructure knocked the door of the State High court and prayed that this project should be allocated to them.
During the hearing Brakel corporation NV somehow managed to deposit the upfront
money. On behalf of Brakel this money was deposited by Adani Power. But Adani Power
has never been in the consortium of Brakel.
In the year of 2009 the double bench of the High Court annulled this allocation to Brakel and the State govt had forfeited this upfront money according to the relevant clauses of the bid documents.
In the Year of the 2015 -16  the then Virbhadra Singh  govt had decided to allocate this
project to Reliance Infrastructure. The government was hopeful to refund the upfront premium deposited by Brakel NV without interest by getting the same deposited from Reliance Infrastructure Ltd. But Reliance Infrastructure Limited backed out , thus ,the decision of refunding the upfront premium which was deposited by Brakel NV to the tune of 280.969 crore could not mature.
It is worthwhile to mention that the then Virbhadra govt had refused to refund the upfront
premium to M/S Adani Power Ltd in October 2017, even though that earlier the same Govt  was ready to refund it through deposit by Reliance Infrastructure.
Earlier Anil Wahal , the Director Of Brakel NV had filed an application before the Single bench of Justice Sandeep Sharma to implead him as a necessary party in this ongoing  litigation between Adani Power Limited Versus State govt  since 2019.
But the State govt and M/s Adani Power Limited opposed this application and on 23rd of November counsel for Anil Wahal  withdrew this application, with liberty to file at appropriate stage, before appropriate court of law.


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