CESC’s experience and the thinking process at NTPC hold the key to the resolution of stressed power assets. : The basic condition for any power plant acquisition, as NTPC Ltd said in its latest earnings call with analysts, is that it should have the power purchasing agreement (PPA). NTPC, which has been on the prowl for stressed power plants, has largely agreed to acquire only state-owned plants with PPAs till now. NTPC is treading cautiously, but not without reason. The ill-effects of ignoring PPAs are clearly seen in CESC Ltd’s Chandrapur power plant gambit.