Page 6 - குஜராத் உர்ஜா விகாஸ் நீகம் வரையறுக்கப்பட்டவை News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Supreme Court Calls For Law To Clarify Validity Of Ipso Facto Contractual Clauses In Relation To Insolvency Share This - x The Supreme Court has observed that lack of a legislative voice on the issue of validity/invalidity of ipso facto clauses relating to insolvency will lead to confusion and reduced commercial clarity. The bench comprising Gujarat Urja Vikas Nigam Limited of its Power Purchase Agreement with Astonfield Solar (Gujarat) Private Limited. In this case, PPA was signed on 30 April 2010, in accordance with which the Nigam has to purchase all the power generated by the Corporate Debtor. On 20 November 2018, the NCLT admitted a petition filed by the Corporate Debtor under Section 10 of the IBC and commenced the Corporate Insolvency Resolution Process. In May 2019, the Nigam issued termination notices in which it stated thus : Under Article 9.2.1(e) of the PPA, the Corporate Debtor undergoing CIRP under the IBC amounts to an event of default (b) under Article

United kingdomBelmont parkNew south walesSouth koreaRepublic of koreaAmit guptaShyam diwanSupreme courtGujarat urja vikas nigamNational company law tribunalAstonfield solar gujarat privateGujarat urja vikas nigam limitedPower purchase agreementAstonfield solarCorporate debtorCorporate insolvency resolution