PTC INDIA LTD, NEW DELHI Vs. PUNJAB STATE POWER CORPORATION LTD. AND JAMMU & KASHMIR STATE POWER DEVELOPMENT DEPARTMENT

JUDGEMENT

(1.) THE petition has been filed by PTC India Ltd, Category I inter -State trading licensee, for adjudication of dispute seeking payment of Rs. 124,51,53,525/ - with interest arising out of the alleged for abrupt discontinuance by the first respondent of drawl of 100 MW of contracted power w.e.f. 8.6.2011 and non -payment of trading margin dues amounting to Rs. 3,88,16.750/ -. The petitioner has prayed this Commission to

(2.) 2 PTC's Trading Margin

(3.) THE petitioner has further alleged that the first respondent by its letter dated 8.6.2011 informed the petitioner that it had decided to discontinue supply of power from Baglihar HEP contracted through the petitioner. The petitioner has stated that subsequently it came to know that Punjab State Electricity Regulatory Commission in its order passed in January 2011 had not approved PSA and this was the probable reason for the first respondent's letter dated 8.6.2011. The petitioner has alleged that the decision of the State Commission was not conveyed to it immediately, otherwise it would have made arrangements for sale of power to some other State or entity. The petitioner has claimed that after sustained efforts it was able to sell 100 MW of power to Power Corporation of Karnataka Ltd during the period 16.7.2011 to 31.8.2011 at a price much lower than the price agreed with the first respondent. The petitioner has alleged that it incurred a total loss of Rs. 124,51,53,525/ - on account of abrupt refusal by the first respondent to continue to take supply of power. The petitioner has further alleged the first respondent is unjustifiably withholding an amount of Rs. 3,88,16.750/ - due to the petitioner on account of trading margin and has submitted that the withheld amount is payable by the first respondent with Late Payment Surcharge.