The Supreme Court has asked Uttar Pradesh Power Corp (UPPCL) to continue paying tariff at the old rate of ₹5.07/Kwh to Adani Green Energy (Uttar Pradesh) Ltd, but make provision for the differential between the older rate and a higher rate directed by an appeals tribunal.
The new proposed rate is ₹7.02/Kwh.The apex court also stayed payment of the differential until final disposal of the case.
A bench led by Chief Justice DY Chandrachud noted that the UPPCL, in its communication to Adani on February 17, had undertaken to pay ₹81.83 crore as per the agreed time schedule – first instalment of ₹21 crore on February 17 and the balance in three equal monthly instalments in March, April and May.
“In view of the commitment which was made on February 17, there shall be no stay in respect of the balance which is payable in three equal monthly installments in March, April and May,” the court said.
Adani had raised two invoices in December last year against a differential amount of new rate (.₹7.02/Kwh) and old rate (₹ 5.07/Kwh) for the period May 19 to Oct 22 amounting to ₹81.83 crore.
However, in respect of future payments against the invoices that may be raised by Adani, the apex court directed UPPCL to “pay at the old rate of 5.07/Kwh. UPPCL shall make a provision in its own accounts representing the differential between the rate of ₹7.02/kwh, which has been accepted by Appellate Tribunal for Electricity and the rate of 5.07/Kwh, which was fixed by the Uttar Pradesh Electricity Regulatory Commission.
Source : The Economic Times
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