In Brief
Power Grid Corporation, a transmission company, appealed against the Central Electricity Regulatory Commission's order that Foreign Exchange Revaluation (FERV) should be apportioned only to debt liability, not equity. The Appellate Tribunal for Electricity upheld this decision. The Supreme Court held that FERV apportionment between debt and equity is not a substantial question of law but a regulatory matter. Finding no error in the lower courts' reasoning, the Court dismissed the appeal without costs, affirming that the entire FERV should remain apportioned to debt liability as originally decided.
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