WESTERN REGION TRANSMISSION (MAHARASHTRA) PVT. LTD. AND SBICAP TRUSTEE CO. LTD. Vs. MAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LTD. AND ORS.

JUDGEMENT

(1.) WESTERN Region Transmission (Maharashtra) Pvt. Ltd., the first respondent herein has been granted transmission licence under Section 14 of the Electricity Act, 2003 (hereinafter referred to as "the Act"), to transmit electricity as a transmission licensee and for that purpose to construct, maintain and operate the transmission assets pertaining to Western Region System Strengthening Scheme -II, package -B. The first petitioner had approached the Commission in Petition No. 207/2009 for approval under Section 17(3) and (4) of the Act to create security in favour of the SBICAP Trustee Co. Ltd. by execution of indenture of mortgage. The Commission in its order dated 11.2.2010 had accorded the approval for creating security in favour of SBICAP Trustee Company Limited. The present petition has been filed by the first petitioner and SBICAP Trustee Co. Ltd. for approval under Section 17(3) and 17(4) of the Act for creation of security in favour of SBICAP Trustee Co. Ltd. as Security Trustee for the benefit of the IDFC by way of execution and creation of Security Documents. According to the petitioner, it has availed a part financing from erstwhile lenders and has repaid the entire outstanding amount to the erstwhile lenders.

(2.) THE petitioners have made the following prayers:

(3.) THE first petitioner has also submitted that it approached IDFC Limited (formerly known as Infrastructure Development Finance Company Limited) for part financing of the cost of the project and in place of the Rupee Loans. IDFC Limited has agreed to provide financial assistance of Rs. 601 crore (hereinafter referred to as the "Rupee Term Loan") for the purpose of part financing the construction, development and implementation of the project on the terms and conditions set put in the Rupee Loan Agreement dated 28.6.2012, Trust and Retention Account Agreement and other financing documents.