Don’t revoke bank guarantees furnished by Konaseema gas company: Hyderabad HC

The company had furnished bank guarantees of Rs 13.55 crores under the power system development fund to get gas allocation.

Published: 19th May 2017 05:35 AM  |   Last Updated: 19th May 2017 05:35 AM   |  A+A-

By Express News Service

HYDERABAD: In a temperory relief to Konaseema Gas Power Limited company, a vacation bench of Hyderabad High Court on Thursday, directed the Central government not to revoke the bank guarantees furnished by the company till June 5.

The company furnished bank guarantees of Rs 13.55 crores under the power system development fund to get gas allocation.

The bench of Justice P Naveen Rao and Justice MSK Jaiswal was passing this order in a writ appeal by Konaseema gas power company challenging order of a single judge who refused to accept the plea of the company to direct the Centre to refund the bank guarantees furnished by it.

The company also sought permission to enter into agreement and submit bank guarantee for third phase bid to draw allocated quantity of RLNG (Re-gasified Liquid Natural Gas), as per letter of award issued by ministry of power in 2016.

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