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2019 (10) TMI 1313 - AT - Insolvency and BankruptcyTermination of Power Purchase Agreement - CIRP process - Going Concern - HELD THAT:- To keep the ‘Corporate Debtor’ a going concern, which is generating electricity and supplying only to ‘Gujarat Urja Vikas Nigam Ltd.’, the Adjudicating Authority rightly asked ‘Gujarat Urja Vikas Nigam Ltd.’ not to terminate the ‘Power Purchase Agreement’ dated 30th April, 2010. ‘Gujarat Urja Vikas Nigam Limited’, being purchaser of the electricity cannot terminate the ‘Power Purchase Agreement’ solely on the ground that the ‘Corporate Insolvency Resolution Process’ has been initiated against ‘Astonfield Solar (Gujrat) Pvt. Ltd.’ (Corporate Debtor) which is generating electricity and supplying it and there is no default in supplying electricity and during the ‘Corporate Insolvency Resolution Process’. On the other hand, ‘Gujarat Urja Vikas Nigam Limited’, is not paying the dues, as alleged by Ms. Mahima Singh, learned counsel for the ‘Resolution Professional’ (M/s Astonfield Solar (Gujrat) Pvt. Ltd.). The observation of the Adjudicating Authority at page-35 is deleted, where it is observed that the Appellant may terminate the ‘Power Purchase Agreement’, if the ‘Corporate Debtor’ goes into liquidation, as during the liquidation process also, the liquidator is to ensure that the ‘Corporate Debtor’ remains a going concern - appeal disposed off.
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