Procurers to encash bank guarantee, company appeals against single judge order applies for arbitration on the tariff issue
In a setback to the Anil Dhirubhai Ambani Group-controlled Reliance Power, the Delhi High Court on Monday dismissed a writ petition against a Rs 400-crore penalty notice served by the power procurers of the proposed Krishnapatnam ultra mega power project (UMPP). Following the high court judgement, the procurers would encash the bank guarantee of Coastal Andhra Power Limited (CAPL), Reliance Power’s wholly-owned subsidiary.