Indraprastha Gas Limited (IGL) has agreed to takeover the supply of natural gas in Gurugram as an ongoing concern from the Haryana City Gas Distribution Limited (HCGDL), in a long-pending dispute oversupply of natural gas in Gurugram.
IGL had challenged the Petroleum and Natural Regulatory Board’s decision to allow HCGDL’s operations in Gurugram, asserting that IGL had been granted permission for the same back in 2004, much before the Regulatory Board had been constituted.
In a recent order, a Bench comprising Justice MB Lokur, Justice S. Abdul Nazeer and Justice Deepak Gupta noted that IGL and HCGDL have agreed to a suggestion put forth by Additional Solicitor General, ANS Nadkarni.
The court noted, “During the course of hearing, learned Additional Solicitor General suggested that it might be worth considering whether the supply of natural gas by Haryana City Gas Distribution Limited (HCGDL) can be taken over by Indraprastha Gas Limited (IGL) in Gurgaon District as an ongoing concern so that the entire dispute can be resolved amicably.
Learned counsel for HCGDL and learned counsel for IGL are agreeable to this suggestion given by learned Additional Solicitor General.”
During the hearing, the court was also informed that the parties had agreed that the valuation of the ongoing concern, including the infrastructure, be undertaken by an independent valuer such as Deloitte Haskins and Sells LLP.
Accepting this submission, a copy of the order was directed to be furnished to Deloitte Haskins and Sells LLP by the counsel for the parties, with a request to provide the valuation within four weeks and in any case by November 30. The expenses to be incurred by Deloitte Haskins and Sells LLP were directed to be borne equally by IGL and HCGDL.
The matter will next be heard on December 6.
IGL was represented by Advocates Saurav Agrawal, Hitabhilash Mohanty, Anshuman Chowdhury, Satyawan Shekhawat and Bimal Roy Jad. HCGDL was represented by Senior Advocate Sidharth Luthra and Advocates KV Mohan, Sanjeet Singh and KV Balakrishnan.
Read the Order here