The Supreme Court on Monday sought response from the Himachal Pradesh government on Adani Power’s appeal seeking transfer of its upfront premium of Rs 280.96 crore along with the interest at 18% in the hydro-electric power projects dispute.
The Himachal Pradesh High Court had in July set aside its earlier order directing the state government to refund over Rs 280 crore on the grounds that the financial arrangements made by Brakel Corporation with Adani Power were not approved by the state and violated the tender conditions and the Hydro Power Policy.
Seeking its “legitimate refund”, Adani told the SC that it was due to be repaid (refunded) by the state way back in 2015, but it continues to await the said upfront premium refund.
“It will be crucial to mention here that the Council of Ministers had decided to issue the refund vide decision on Sep 4, 2015. Admittedly, the State on its volition had decided to refund the said monies to the Petitioner. However, the Petitioner has remained out of pocket without any reason and at the peril of the State. This has grossly affected the financial capacity and investment inflow of the Petitioner,” the appeal filed by Adani’s counsel Anshuman Srivastava said.
