(1) The Commission may constitute a Monitoring Committee under the Chairmanship of the Member (Technical) of the Commission with the Director (Projects), State Transmission Licensee, Director (Operation) of Distribution Licensee, Chief Accounts Officer of Distribution Licensee and any other officer (s) of the concerned Project Entity, as considered appropriate, as its members and Superintending Engineer (HPSLDC) as its Member-Secretary.
(2) The Monitoring Committee shall discharge the following functions, namely:—
(i) review the progress of the implementation of the scheme(s) sanctioned by the Commission under regulation 7 based on the status to be submitted to it by the Nodal Agency;
(ii) make its recommendations for release of funds against the sanctioned cost in a phased manner after taking into account the plan of implementation and the progress actually achieved:
Provided that in case any amount, in excess of the limit specified in the proviso to sub-regulation (3) of regulation 7, is required to be released upfront keeping in view the specific requirements, the Monitoring Committee may give its recommendations after detailed examination;
(iii) in case of any cost/time overrun in the completion of the scheme, the Monitoring Committee may recommend the remedial measures to curb and mitigate the time/cost overrun and also for the revision of the estimated cost and completion target and/or the scope of the work based on the actual progress achieved :
Provided that in cases where revision of cost is recommended, it will also make recommendations about the funding of the additional cost based on the benefit analysis for the additional cost;
(iv) the Monitoring Committee shall also review the progress about the functioning of each such scheme during operation stage so as to evaluate the benefits being derived as a result of the execution of any such scheme and also to recommend the steps for improving the function of the scheme in case of any shortfall;
(v) any other functions as may be specifically assigned to it by the Commission or otherwise may require to be discharged for smooth implementation of its role under these regulations; and
(vi) the Member Secretary of the Monitoring Committee shall duly compile and process the recommendations of the Monitoring Committee and shall expedite the submission of the self-contained proposals/status reports along with recommendations of the Monitoring Committee to the Commission by the Nodal Agency in accordance with clauses (iii), (iv) and (v) of subregulation 2 of regulation 5.