JUDGMENT :

B.R. GAVAI, J.

1. The present appeal challenges the judgment and order dated 30th June 2021, passed by the Appellate Tribunal for Electricity, New Delhi (hereinafter referred to as “APTEL”) in Appeal No. 358 of 2019, thereby dismissing the appeal filed by the Uttar Haryana Bijli Vitran Nigam Limited and Dakshin Haryana Bijli Vitran Nigam Ltd. (hereinafter referred to as “Haryana Utilities”) appellants herein, and maintaining the judgment and order dated 13th June 2019 passed by the Central Electricity Regulatory Commission (hereinafter referred to as “CERC”) in Petition No. 251/MP/2018.

2. The facts, in brief, giving rise to the present appeal are as under:

Haryana Utilities had entered into two Power Purchase Agreements (for short “PPA”) dated 7th August 2008 with the first respondent-Adani Power (Mundra) Limited (hereinafter referred to as “AP(M)L”) for a contracted capacity of 1424 MW from the generating Units 7, 8 and 9 established by AP(M)L in the State of Gujarat on the terms and conditions contained in the said PPAs. The said PPAs were entered into between Haryana Utilities and AP(M)L in pursuance to a Tariff Based Competitive Bidding Process initiated by the Haryana