Use of ECB proceeds for interest during construction permitted when such charges are capitalised as project cost. The all-in-cost prohibition on using ECB proceeds for interest does not apply to ECBs raised for project finance when guarantee fees and interest during construction are components of the project cost and are capitalised, permitting use of ECB or trade credit proceeds for those payments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Use of ECB proceeds for interest during construction permitted when such charges are capitalised as project cost.
The all-in-cost prohibition on using ECB proceeds for interest does not apply to ECBs raised for project finance when guarantee fees and interest during construction are components of the project cost and are capitalised, permitting use of ECB or trade credit proceeds for those payments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.