Hemant Gupta, J.

Challenge in the present writ petition is to Regulation 15 of the Punjab State Electricity Regulatory Commission (Electricity Supply Code and Related Matter) Regulations, 2007 (for short the Regulations), as amended vide notification dated 24.05.2010 in respect of security amount alleging it to be unjust, arbitrary, illegal and ultra vires of the Electricity Act, 2003.

The relevant Regulation reads as under:

15. Security (Consumption)

15.1 different categories of consumers will maintain Security (Consumption) as below:

15.1.1. Consumers other than Large Supply Industrial consumers will maintain as security with the Licensee an amount equivalent to consumption charge (i.e. Fixed and variable charges as applicable) for two and a half months where bi-monthly billing is applicable and one and a half months in case of monthly billing, during the period of agreement for supply of electricity.

It is averred that the Punjab State Electricity Regulatory Commission was constituted under the repealed Electricity Regulatory Commission Act, 1998 and the same has been notified as the State Commission under Section 86 of the Electricity Act, 2003 (for short 'the Act'). The