A case study on a catastrophic fire incident that occurred in a chemical plant's captive co-generation power plant. The fire resulted in extensive damage to the power plant, including the complete destruction of electrical infrastructure, turbines, and buildings. The study highlights the importance of Process Safety Management (PSM) in preventing and mitigating such accidents and incidents in industrial processes. The investigation identified various factors contributing to the incident, such as a detached recently repaired servo, inadequate management of change, and challenges in the organizational safety culture. The paper discusses the lessons learned, actions taken, and outcomes achieved to restore operations and enhance process safety management.