Petitioner: Punjab State Power Corporation Limited
Background: The petition was taken up for hearing on admission. The representative appearing for PSPCL submitted that as per Regulation 41 (16) of the Supply Code 2024, PSPCL is bound to pay interest on the advance payment based at MCLR for one year of SBI as applicable on 1st of April of the FY for which interest is payable even if the advance principal amount is reducing every month and even if the advance payment is exhausted before expiry of one year from the date of deposit.
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