A power purchase agreement (PPA) is essential not only for the way a power project functions, but also for its very existence. There has, however, been significant uncertainty regarding the status of power generators undergoing insolvency proceedings, and their ability to continue as going concerns during the resolution process. In the case of Gujarat Urja Vikas Nigam Ltd v Amit Gupta & Ors, the Supreme Court addressed the key issues as to whether the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) had jurisdiction under the Insolvency and Bankruptcy Code, 2016 (IBC) in disputes involving PPAs, and whether the IBC regulated the right of GUVNL, which had contracted with the power generator, to terminate its PPA. Abhirup Dasgupta Partner HSA Advocates