Supreme Court Calls For Law To Clarify Validity Of 'Ipso Facto' Contractual Clauses In Relation To Insolvency
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 Corpor...
Source: livelaw.in