JUDGMENT :

ADARSH KUMAR GOEL, J.

       Part I : Introductory

This appeal has been preferred under Section 125 of the Electricity Act, 2003 (`the Act') against the judgment and order dated 22nd February, 2010 passed by the Appellate Tribunal for Electricity (the Tribunal) in Appeal No.86 of 2009 whereby the Tribunal has set aside the order of the Gujarat Electricity Regulatory Commission (`the Commission') which was in favour of the appellant.

2. The substantial question of law sought to be raised by the appellant is :

"Whether the Tribunal has correctly interpreted the terms of Power Purchase Agreement dated 30th May, 1996 (PPA) and is justified in reversing the finding of the Commission based on interpretation of the said PPA and other documents on record.?"

Part II : Facts

3. The appellant, Gujarat Urja Vikas Nigam Ltd. (`the GUVNL'), is the successor of the Gujarat Electricity Board and is a deemed licencee under Section 2 (39) read with Sections 12 and 14 of the Act. The respondent, ESSAR Power Limited (`the EPL'), is a generation company within the meaning of Section 2 (28) o