Upadhyay, flanked by colleagues Prabhat Jha and Vijay Goel, submitted a notice to the commission, accusing Kejrwial of defaming him.
"He is misleading people by levelling false allegations. We have presented all facts before the EC," Upadhyay said.
Kejriwal Wednesday alleged a nexus between Upadhyay and power companies in the capital.
Kejriwal Thursday insisted that he had evidence to support his claim and was ready to face defamation charges from the Bharatiya Janata Party leader.
"We have proof that the electric meters in Delhi, which run fast, have been put up by companies owned by Upadhyay," the former Delhi chief minister said.