Delhi High Court directs central government to decide on release of RPower’s bank guarantee

The Delhi High Court has asked the central government to expeditiously decide on the release of Reliance Power Limited’s (RPower) bank guarantee worth Rs 2.08 billion in respect of the Tilaiya ultra mega power project (UMPP). The central government stated that the issue of non-development of the captive block attached with the UMPP in Jharkhand and concerns over the settlement between RPower and Jharkhand Urja Vikas Nigam Limited have led to a delay in the release of the bank guarantee. The court has asked the government to file an affidavit indicating its stand on RPower’s bank guarantee within three weeks and asked RPower to extend the guarantee for two months.

GET FREE ACCESS TO OUR ARTICLES

Enter your email address