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4. Appeal No.165 of 2013 has been filed by M/s. Ugar Sugar Works Limited. The short facts are as under:

(a) The Appellant is a sugar industry having co-

generation facilities. It has got two generation plants in the State of Karnataka with a total installed capacity of 59.5 MW. The Appellant did not have the Power Purchase Agreement with any of the State Utilities. On the contrary, the Appellant Company entered into a Power Purchase Agreement with the Tata Power Trading Company Limited for the sale of energy generated from both the plants.

38. Let us deal with the specific issues relating to the Appellants.

39. The relevant finding of the State Commission relating to Ugar Sugar Works Ltd. ( Appeal no. 165 of 2013) are as under:-

"22) Shri Prabhuling K. Navadgi, the learned Counsel appearing for the Petitioner in OP No.40/2012, has contended that the Petitioner had two PPAs With Tata Power Trading Company Limited in relation to two of its Generating Units. Under the said PPAs, the Petitioner would have realized IEX rates, the average IEX rates according to him being Rs.7.21 per Unit for February, 2012, Rs.10.29 per Unit for March, 2012 and Rs.11.51 per Unit for April, 2012. On account of supplying electricity at the rate of Rs.5.30 per Unit pursuant to the Government Order dated 27.1.2012, the Petitioner as pointed out in the I.A. dated 5.3.2013, has suffered a loss to the tune of Rs.19.07 Crores.