ISLAMABAD: The Private Power Infrastructure Board (PPIB) has unanimously decided withdrawal of all suits, applications, petitions against the Independent Power Producers (IPPs) subject to simultaneous withdrawal of all proceedings, applications and writs filed by the IPPs against PPIB. The PPIB, while considering the recommendations of a project committee, took this decision unanimously in its 138th meeting held on March 16, 2023 under the chairmanship of Secretary, Ministry of Energy (Power Division). Therefore, IPPs claimed that they were ‘deemed available’ under their respective PPAs and NTDC was not entitled to deduct capacity payment thereunder. This triggered a series of litigation and London Court of International Arbitration (LCIA) arbitration before various courts/forums. Considering recommendations of the project’s committee, the Board unanimously decided to approve withdrawal of all suits, applications, petitions by Government of Pakistan (GOP)/PPIB against the IPPs subject to simultaneous withdrawal of all proceedings, applications and writs filed by the IPPs against GoP/PPIB in respect of disputes whether through a joint statement or otherwise as deemed appropriate, said documents.

Source: Pakistan Today April 07, 2023 23:31 UTC