From the facts available on record it appears that the parties, namely NPCL and UPPCL, have been in perpetual conflict over the rate on which NPCL had been getting bulk supply of electricity from UPPCL. NPCL obtained a license from Govt. of Uttar Pradesh for carrying out distribution in the area of Greater Noida as a private sector player in the distribution of electricity on 30th August, 1993. Its entire power requirement was met by UP State Electricity Board (UPSEB or Board for short) and there after by UPPCL, a successor of UPSEB. UPPCL allowed NPCL to draw power load up to 45 MW only in view of power constraints. The two entered into an agreement on 15.11.1993. UPPCL agreed to supply power of 45 MW for a maximum period of 4 1/2 years. Under the terms of the agreement, the stipulated tentative power purchase price was Rs.1.66 per unit. This rate was to remain operative for only six months. The agreement included a term that the rate would be subject to revision as extracted below:
The above rates of Company are tentative which will be studied and revised after six months by an independent authority to be nominated by State Government and mutually acceptable to NPCL and Supplier for this purpose. If during the period of these six months this Body fixes more/less charges on the basis of the above, it will be adjusted accordingly. SANJAY RWA DELTA 1?