Electricity Act (36 of 2003) , S.125— Power purchase agreement – Encashment of bank guarantee – Legality of order to restore amount realised – Developer was selected for development of a solar photovoltaic power project and PPA was executed – Supply had not commenced within the agreed period and neither formal extension was obtained nor notice of Force Majeure was issued as required under PPA – Preconditions for invocation of article in PPA providing for encashment of bank guarantee in case of failure of Developer to commence supply by the Scheduled COD , were satisfied – Invocation of bank guarantee by Distribution Licensee was, a remedy specifically conferred by the contract – Jurisdiction of regulatory bodies does not extend to recasting the contractual framework by directing restitution of amount lawfully realised under the PPA – Order passed by State Commission and affirmed by APTEL for restoration of amount ,was set aside
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