The Tribunal, considering its jurisdiction under the Electricity Act, of 2003, concluded it could not address the validity of regulations concerning trading margins. This decision relied on the precedent set ... in West Bengal Electricity Regulatory Commission v. CESC Ltd., which established that a Tribunal cannot question the validity of regulations under which it operates. The appellants argue that this precedent does not apply, citing differences between the 1998 and 2003 Acts and emphasizing the Tribunal’s supervisory powers under Section 121 of the 2003 Act.