Photo of Priyal Modi

Associate in the Project and Infrastructure Projects practice at the Delhi office of Cyril Amarchand Mangaldas. Priyal advises and represents power developers before electricity regulatory tribunals and courts in India. Priyal also advises on aspects relating to restructuring, project financing, structured finance, and banking-related matters. Priyal can be reached at priyal.modi@cyrilshroff.com

Recovery of Change in Law Impact – An Overdue Intervention

Introduction

Power purchase agreements (PPAs) are generally long-term contracts that are vulnerable to legislative or judicial interventions. These interventions have the potential to impact the cost of establishing or operating generation plants over the life of the PPA. In order to address this risk, PPAs (and many other long-term contracts) incorporate a provision for ‘Change in Law’, which seeks to provide a mechanism to compensate the affected party for increase in cost or decrease in revenues, occasioned by changes in rules/ regulations governing the setting up and operation of the generation plant.Continue Reading Recovery of Change in Law Impact – An Overdue Intervention

Change is inevitable. Growth is optional.

– John Maxwell

Covid-19 has seen the legal landscape leapfrog into digital courts, electronic filings and asynchronous video hearings. The change has been fundamental and deep deliberations are currently underway for the systemic adoption of a new normal. Such a material shift often facilitates rapid adoption of other innovations that were hitherto stuck at the threshold of a conservative mindset. We believe that Third Party Funding of litigation is one such legal innovation that will now come of age in India.Continue Reading Cash constrained and need to litigate? Third Party Funding may be the solution