JUDGMENT :

B.R. GAVAI, J.

1. The present appeals challenge the judgment and order dated 5th October 2020 passed by the Appellate Tribunal for Electricity (hereinafter referred to as ‘APTEL’), in cross appeals being Appeal No. 340 of 2019, filed by Maharashtra State Electricity Distribution Company Limited (hereinafter referred to as ‘MSEDCL’), the appellant herein, and Appeal No. 354 of 2019, filed by Adani Power Maharashtra Limited (hereinafter referred to as ‘APML’), respondent No. 1 herein, thereby challenging the order dated 6th September 2019, passed by Maharashtra Electricity Regulatory Commission (hereinafter referred to as ‘MERC’).

2. APML and MSEDCL had entered into four long term Power Project Agreements (hereinafter referred to as ‘PPA’) dated (a) 8th September, 2008 for 1230 MW (hereinafter referred to as ‘1230 MW PPA’); (b) 21st March, 2010 for 1200 MW (hereinafter referred to as ‘1200 MW PPA’); (c) 9th August, 2010 for 120 MW (hereinafter referred to as ‘120 MW PPA’) and (d)16th February, 2013 for 440 MW (hereinafter referred to as ‘440 MW PPA’), pursuant to the competitive bidding process conducted by MSEDCL.

3. Prior to the signing of the PPAs between the parties, A