IN THE APPELLATE TRIBUNAL FOR ELECTRICITY (Appellate Jurisdiction)

Dated: 28.07.2025 Present: Hon’ble Mr. Sandesh Kumar Sharma, Technical Member Hon’ble Mr. Virender Bhat, Judicial Member In the matter of:

M/s Jaiprakash Powers Ventures Limited Through its Authorized Representative Having its registered office at JA House, 63, Basant Lok, Vasant Vihar, New Delhi- 110057 … Appellant Versus

1. Madhya Pradesh Electricity Regulatory Commission, Through its Secretary

5^th Floor, Metro Plaza, Bittan Market, Bhopal, Madhya Pradesh-462016

2. Madhya Pradesh Power Management Company Limited, Through its Managing Director Shakti Bhawan, Vidyut Nagar, Rampur, Jabalpur, Madhya Pradesh-482008

3. Madhya Pradesh Poorv Kshetra Vidyut Vitaran Co. Ltd, Jabalpur, Through its Managing Director Shakti Bhawan, Vidyut Nagar, Rampur, Jabalpur Madhya Pradesh-482008

4. Madhya Pradesh Madhya Kshetra Vidyut Vitaran Co Ltd, Through its Chief General Manager Bhopal, Bijli Nagar Colony, Nishtha Parisar, Govindpura, Bhopal, Madhya Pradesh-462023

5. Madhya Pradesh Paschim Kshetra Vidyut Vitaran Ltd, Indore, Through its Chief General Manager GPH Campus, Polo Ground, Indore- 452003 … Respondent(s)

Counsel for the Appellant(s) : Mr. S. Venkatesh Mr. Siddharth Joshi Ms. Simran Saluja Mr. Vineet Kumar Mr. Suhael Buttan Mr. Anant Singh Mr. Jatin Ghuliani Ms. Neha Das Mr. Abhishek Nangia Ms. Mehak Verma Mr. Tushar Srivastava Mr. Ashutosh Kumar Srivastava Mr. Jayant Bajaj Mr. Nihal Bhardwaj Mr. Isnain Muzamil Mr. V.M. Kannan Counsel for the Respondent(s) : Ms. Mandakini Ghosh for Res.1 Mr. Ravin Dubey for Res.2

JUDGEMENT

PER HON’BLE MR. SANDESH KUMAR SHARMA, TECHNICAL MEMBER 1. The Appellant, i.e., M/s Jaiprakash Power Ventures Ltd. (erstwhile M/s. Bina Power Supply Company Limited) (in short “JPVL” or “Appellant”) has filed the present Appeal. The Appellant is hereby challenging the Order dated 07.12.2021 (in short “Impugned Order”) passed by the Madhya Pradesh Electricity Regulatory Commission (in short “MPERC” or “State Commission”)

passed in Petition No. 39 of 2021 filed by Appellant seeking True Up of the Tariff for FY 2019-20 determined vide Multi Year Tariff Order dated 30.04.2021 (in short “MYT Order”) of its 2x250 MW (Phase I) Coal Based Power Project at Bina, District Sagar, Madhya Pradesh (in short “Jaypee Bina Power Plant”).

Description of the Parties

2. The Appellant, i.e., Jaiprakash Power Ventures Limited, is a Generating Company within the meaning of Section 2 (28) of the Electricity Act, 2003 (in short “Act”), and is a Company incorporated under the provisions of the Companies Act, 1956.

3. The Respondent No.1, i.e., State Commission, is a Statutory Authority constituted under the Electricity Regulatory Commissions Act, 1998, with powers vested in it by Sections 86 and 181 of the Act.

4. The Respondent No. 2, i.e., Madhya Pradesh Power Management Company Limited (in short “MPPMCL”), is a government company as defined under Section 6 (17) of the Companies Act, 1956. Respondent No. 2 is an unbundled entity of the erstwhile Madhya Pradesh State Electricity Board. The Respondent No. 2 is a trading licensee, entitled to undertake transactions of sale and purchase of electricity and vide notification dated 10.04.2012. The Respondent No. 2 has been made the Holding Company of all Distribution Licensees within the State of Madhya Pradesh.

5. The Respondent No. 3, i.e., Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited (in short “MPPKVVCL”) is a company incorporated under the provisions of the Companies Act, 1956, having its registered office at Shakti Bhawan, Rampur, Jabalpur.

6. The Respondent No. 4, i.e., Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited (in short “MPMKVVCL”) is a company incorporated under the provisions of the Companies Act, 1956, having its registered office at Nishta Parissar, Govindpura, Bhopal.

7. The Respondent No. 5, i.e., Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited (in short “MPPKVVCL”) is a company incorporate