IN RE: POWER EXCHANGE INDIA LIMITED Vs. STATE

JUDGEMENT

(1.) THE petitioner, Power Exchange India Limited (PXIL) has filed Interlocutory Application (IA) seeking suspension of the Commission's order dated 8.6.2013 by extending the time up to 31.3.2014 and 31.3.2015 to increase its net worth to Rs. 10 crore and Rs. 25 crore, respectively. The petitioner had filed petition under Regulation 63 (i) of the Central Electricity Regulatory Commission (Power Market) Regulations, 2010 (Power Market Regulations) seeking to invoke the inherent powers of the Commission for granting additional time of 3 years from 31.3.2013 to achieve the Net worth prescribed by the Commission under Regulation 18 (i) of the Power Market Regulations.

(2.) THE Commission after carefully considering the submissions of the petitioner, vide its order dated 8.6.2013 inter -alia directed the petitioner to take steps to infuse capital and increase its net worth to at least Rs. 10 crore within one month of the issue of this order and submit a confirmation for the same in the form of CA certificate. The relevant portion of the said order dated 8.6.2013 is extracted as under:

(3.) THE petitioner has submitted that all possible efforts elaborated in the I.A. and subsequent submissions made by petitioner in regard to increasing the net worth would take some more time to achieve Rs. 10 crore, and may require long/extended period for achieving Rs. 25 crore. Accordingly, the petitioner has requested to extend time up to 31.3.2014 to increase its net worth to Rs. 10 crore and time extension till 31.3.2015 to achieve net worth of Rs. 25 crore.