Photo of Ajay Sawhney

Ajay Sawhney

Partner (Head - Northern Region) at Cyril Amarchand Mangaldas,  Ajay focuses on projects and financing advising various business groups on their construction and development side of domestic and international projects, and has advised banks and financial institutions on lending in airport, road, power generation and other infrastructure projects throughout Asia Pacific region. Chambers Asia-Pacific, 2017 has recognized him as a ‘Notable Practitioner’ for Projects, Infrastructure & Energy. He can be reached at ajay.sawhney@cyrilshroff.com.

When Policy Isn’t Law: Why Press Releases Don’t Trigger “Change in Law” Compensation

Summary: The Supreme Court’s ruling in Nabha Power v. PSPCL makes a clear distinction: government press releases and policy clarifications, even if they affect project economics, do not qualify as “Change in Law” under Power Purchase Agreements. Only formal legal instruments like statutes, rules, regulations, or gazette notifications carry the weight needed to trigger compensation. This brings greater certainty for regulators and distribution companies, but it also means developers must be more cautious when bidding, since informal policy signals can no longer be relied upon for relief. The decision ultimately reinforces contractual discipline while reminding the sector that policy announcements must be formally notified to have legal effect.Continue Reading When Policy Isn’t Law: Why Press Releases Don’t Trigger “Change in Law” Compensation

A closer look at whether tighter security means better roads or fewer bidders

Barriers or Bridges? Unpacking India’s 2025 APS Mandate and its Ripple Effect on Road Projects

Summary: India’s 2025 APS Circular marks a pivotal shift in public procurement, tightening financial safeguards against underbidding in road projects. By mandating tiered performance securities for bids even marginally below estimated costs, the policy aims to enhance accountability and execution quality. However, its one-size-fits-all approach risks sidelining efficient contractors, inflating bid prices, and dampening competition. A more calibrated framework—with capped guarantees, milestone-based deposits, and carve-outs for proven performers—could transform APS from a blunt compliance tool into a strategic enabler of innovation, fiscal discipline, and infrastructure excellence.Continue Reading Barriers or Bridges? Unpacking India’s 2025 APS Mandate and its Ripple Effect on Road Projects