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A group of companies, including Inox Green Energy Services Private Limited, Haroda Wind Energy Private Limited, Khatiyu Wind Energy Private Limited, Ravapar Wind Energy Private Limited, and Vigoda Wind Energy Private Limited, jointly filed a petition seeking a resolution to issues stemming from Power Purchase Agreements dated 27.12.2017 with the Solar Energy Corporation of India Limited (SECI). They also requested the release of bank guarantees issued by them to SECI.
The primary requests made in the petition were to declare the projects awarded to them through Letters of Awards dated 03.11.2017, as well as the subsequent Power Purchase Agreements dated 27.12.2017, commercially and physically impossible due to various force majeure events. Consequently, they sought the termination of these agreements.
To be relieved from their obligations under the Power Purchase Agreements, citing force majeure, without incurring any financial penalties.
To have SECI release the bank guarantees they had provided, in line with the Letter of Awards dated 3.11.2017 and the subsequent Power Purchase Agreements dated 27.12.2017.
The matter was scheduled for a hearing on October 25, 2023. During the hearing, the legal representative for the Petitioners requested permission to withdraw the petition, indicating that the Petitioners would file an affidavit to this effect. The legal counsel for the Respondent, Solar Power Corporation of India Limited (SECI), noted that they had not received formal notice of the withdrawal. However, SECI raised no objections to the withdrawal of the petition.
Considering these submissions, the Petitioners were granted permission to withdraw their petition. Consequently, the matter was officially disposed of as withdrawn. This indicates the parties’ willingness to seek an alternative resolution to the issues outside the regulatory or legal process.