IBC -Principle of taking over Corporate Debtor under Resolution Plan, will also apply to taking over by way of acquisition plan as per 'clean slate' principle of IBC: HC (See 'Legal Desk') FEMA -Every Adjudicating Authority shall have same powers of Civil Court which are conferred on Appellate Tribunal under Section 28 (2): TRIBUNAL (See 'Legal Desk') Ministry of Health celebrates two years of Tele MANAS (See 'Corp Brief') Arbitration -Court has limited jurisdiction under section 34 of 1996 Act and cannot scrutinize decision of Arbitrator: HC (See 'Legal Desk') MoS calls for synergy in Science Ministries to maximize impact (See 'Corp Brief') Competition Act-Intervention of High Court at stage of order under Section 26(1) is pre-mature and ought to have waited for CCI to come to conclusion: HC (See 'Legal Desk') CCI approves acquisition of 43% of JM Financial Credit Solutions' shares by JM Financial Ltd (See 'Corp Brief') Trademarks Act- Tribunal can cancel registration of trade mark on ground of contravention, or failure to observe condition under Act: HC (See 'Legal Desk') TCIL pays dividend to Govt (See 'Corp Brief') IBC, 2016- Non- cooperation with board and becoming non-responsive to communications made by board without any plausible reasons is held as contravention of provisions of IBC: IBBI (See 'Legal Desk') CCI okays acquisition of Personal Care division of Patanjali by Patanjali Foods (See 'Corp Brief') IBC- Presence of arbitration clause in contract does not bar an operational creditor from filing application under Section 9: NCLT (See 'Legal Desk') PMLA- Attaching movable and immovable property not part of proceeds of crime or of equal value is illegal: TRIBUNAL (See 'Legal Desk') 'Accord and satisfaction' & Arbitration (See 'CORP EINSICHT') BHP, SAIL sign MOU to accelerate potential pathways to steel decarbonisation (See 'Corp Brief') FSSAI convenes meeting of Rice Millers and Fortified Rice Kernel manufacturers (See 'Corp Brief') IBC - Disciplinary committee can be comprised and equated with one whole time member: HC (See 'Legal Desk') CCI conducts Workshop on Competition Law in Collaboration with NALSAR (See 'Corp Brief') Minister lays foundation stone of two projects of CCL (See 'Corp Brief') IBC - Failure to include specific agenda of withdrawal of Corporate Insolvency Resolution Process in Committee of Creditors meetings attracts penalization u/s 208 of Code: IBBI (See 'Legal Desk') RM to inaugurate DefConnect 4.0 (See 'Corp Brief') Arbitration - Referral court should limit its enquiry to examining whether Sec 11(6) application has been filed within period of limitation of three years or not: SC LB (See 'Legal Desk') IIPA should work in sync with Karmayogi program for training officers: Minister (See 'Corp Brief') PMLA - Stringent bail provisions and delay in trial can't go together: SC (See 'Legal Desk') Milk production is up by 57.62% in last 9 years: Union Minister (See 'Corp Brief') Cr P C-Precedent of another case alone shall not be basis for either grant or refusal of bail irrespective of nature and gravity of charge, though it may have bearing on principle: HC (See 'Legal Desk') Minister inaugurates HCL's Surda Mine Operations (See 'Corp Brief') PMLA, 2002 - Sezied documents which are relied upon documents in police case cannot be released by Court: Tribunal (See 'Legal Desk')

Cabinet okays Budgetary Support for enabling Infrastructure for Hydro Electric Projects

Published: Sep 12, 2024

By TIOLCorplaws News Service

 

NEW DELHI, SEP 12, 2024: THE Union Cabinet has approved the proposal of the Ministry of Power for modification of the scheme of budgetary support for the cost of Enabling Infrastructure for Hydro Electric Projects (HEP) with a total outlay of Rs.12461 crore. The scheme would be implemented from FY 2024-25 to FY 2031-32.

The Government of India has been taking several policy initiatives to address the issues impeding Hydro Power development, viz., remote locations, hilly areas, lack of infrastructure etc. To promote the hydro power sector and to make it more viable, the Cabinet in  March, 2019, approved measures, namely declaring large hydro power projects as Renewable Energy sources, Hydro Power Purchase Obligations (HPOs), tariff rationalization measures through escalating tariff, budgetary support for flood moderation in storage HEP and budgetary support for the cost of enabling infrastructure, i.e., construction of roads and bridges.

For the faster development of Hydro Electric Projects and improvement of infrastructure in the remote project locations, the following modifications have been made in the earlier scheme:

a) To widen the ambit of the Budgetary Support for cost of Enabling Infrastructure by including four more items apart from construction of roads and bridges i.e., the cost incurred for the construction of:  (i)  transmission line from power house to the nearest pooling point including upgradation of pooling substation of State /Central Transmission Utility  (ii)  ropeways  (iii)  railway siding, and  (iv)  communication infrastructure. The strengthening of existing roads/bridges leading to the project will also be eligible for central assistance under this scheme.

b) The scheme has a total outlay of Rs.12,461 crore for cumulative generation capacity of about 31350 MW to be implemented from FY 2024-25 to FY 2031-32.

c) The scheme will be applicable to all Hydro Power Projects of more than 25 MW capacity including the private sector projects which have been allotted on a transparent basis. This scheme will also be applicable to all Pumped Storage Projects (PSPs) including Captive/Merchant PSPs, provided that the project has been allotted on a transparent basis. A cumulative PSP capacity of about 15,000 MW would be supported under the scheme.

d) The projects whose Letter of Award of first major package is issued upto 30.06.2028 would be considered under this scheme.

e) The limit of Budgetary Support for the cost of Enabling Infrastructure has been rationalized to Rs.1.0 crore/MW for projects up to 200 MW and Rs.200 crore plus Rs.0.75 crore per MW exceeding 200 MW, for projects above 200 MW. For exceptional cases the limit of budgetary support may go upto Rs.1.5 Crore/MW provided sufficient justification exists.

f)  The Budgetary Support for cost of Enabling Infrastructure will be provided after appraisal of the cost of Enabling Infrastructure by the DIB/PIB and approval of the Competent Authority as per extant guidelines.

Benefits:

This revised scheme would help in faster development of hydro electric projects, improve infrastructure in the remote and hilly project locations and would provide large number of direct employment to the local people along with indirect employment / entrepreneurial opportunities through transportation, tourism, small-scale business. It would encourage fresh investments into hydro power sector and incentivize timely completion of new projects.

TIOL CORP SEARCH

TIOL GROUP WEBSITES