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The Supreme Court on Monday sought a response from the Himachal Pradesh government on a plea by Adani Power Ltd for a refund of Rs 280 crore with 18% interest related to 960-megawatt (Mw) Jangi Thopan Power Projects in Kinnaur district of the state.
The bench of Justices M M Sundresh and Aravind Kumar, however, refused to stay the Himachal Pradesh High Court order overturning a single bench’s decision directing the state government to refund Rs 280 crore to Adani Power, saying that the arrangements made by Netherland's Brakel Corporation with the former violated the tender conditions and the Hydro Power Policy. A division bench of the High Court had set aside this order, ruling in favour of the state government. Adani Power had then challenged this High Court order in the Supreme Court.
"Since the amount in question was deposited after legal proceedings had been initiated in the court, investment, if any, made during the pendency of legal proceedings was at their own risk and peril. Therefore, Brakel could not claim any equity in its favour,” the division bench of the High Court had said.
The court said that Adani Power's financial arrangement with Brakel did not have the required approval from the state government and that Brakel's misrepresentation and procedural errors as well as Adani Power's knowledge of the ongoing legal issues together nullified their right to compensation.
In 2005, the Himachal government had invited global bids for two hydropower projects — Jangi Thopan and Thopan Powari — of 480 Mw each and Brakel was the highest bidder in 2006.
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After Brakel failed to deposit the premium upfront within the timeframe, Reliance Infrastructure Ltd, which was reportedly the second highest bidder, offered to match the Dutch company’s bid.
Meanwhile, Adani Power, which was a consortium partner with Brakel Corporation in the project, deposited Rs 280 crore premium.
Reliance had then moved the High Court, seeking cancellation of allotment of both projects to Brakel.
The High Court had in 2009 cancelled both projects and told the state to invite fresh bids and allot the projects as per the old tender.
The state government had in 2014 sought Rs 2,700 crore damages from Brakel for delay in implementation of the projects.
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