HC Refuses Extension For DPC Revival Report

Mumbai, September 16: | Updated: Sep 17 2003, 05:30am hrs
The Bombay High Court has rejected application filed by the Industrial Development Bank of India (IDBI)-led rupee lenders, seeking extension till December for the submission of report to the court, relating to the revival of Dabhol phase-I (658 mw). Justice Ribello turned down Indian lenders plea on the grounds that such a plea should come from the High Court receiver, which is currently possessing the Dabhol assets.

Institutional sources confirmed that the High Court has delivered its order in this regard. Sources told FE that they have already taken up the matter with the court receiver, which will soon make an application seeking further extension. IDBI had approached the High Court last week, as the time limit for the submission of Dabhol phase-I revival report given by the Court, had ended on September 8. Earlier, the High Court on April 8 had given a deadline of July 8 for the submission of similar report, however, IDBI-led institutions had succeeded in getting extension till September 8, as the report from its consultants NM Rothschild was yet to be prepared.

NM Rothschild had roped in the Belgium-based Tractabel for carrying out technical report. After carrying out the Dabhol plant site, Tractabel in its preliminary report has suggested that the Dabhol phase-I could be revived after pumping $15 million. It had emphasised the need for the active involvement of GE, which holds 10 per cent stakes in the now fallen Dabhol Power Company.