Sir, The Enron Case is a classic case where the MSEB was made to agree to terms of power purchase when it was in no position to honor the deal. In any case Enron encashed the soverign guarantees, honored by the consortium of banks with IDBI and ICICI in the lead. They paid through the nose for MSEBs refusal to buy the power. ICICI chose to sell insurance to recover its hit while IDBI stayed hit and is limping to normalcy only now Enron did not go bankrupt; it was forcibly closed for fraud on the US-Govt and the Shareholders for account books cooking.
