Kishanganga hydro-electric project: SC dismisses HCC plea against NHPC invoking bank guarantee
The Supreme Court has dismissed Hindustan Construction Company’s (HCC’s) appeal seeking to restrain public sector undertaking National Hydro-Electric Power Corporation (NHPC) from invoking/encashing its bank guarantees (BGs) worth Rs 214.36 crore. The BGs were furnished as part of its contractual obligation during setting up of the Rs 1925.84-crore Kishanganga hydro-electric power project in Jammu and Kashmir.
While rejecting HCC’s appeal, a Bench led by Justice R Nariman said, “the contract speaks of final completion” and the company is yet to finish the project.
