A method for supervising the condition of an electrical equipment in an electrical power system including a plurality of current transformers and a multi-phase power equipment, the multi-phase power equipment being protected by a protection relay with issue of a trip signal on occurrence of a fault in the electrical power system, the method comprising the steps of: a) Measuring electrical parameters from the plurality of current transformers for the multi-phase power equipment; b) Computing a fault indicative parameter for the multi-phase power equipment in the electrical power system from the measurements made with the plurality of current transformers; c) Detecting a fault condition in at least one electrical measurement made from the plurality of current transformers, the current transformer indicating fault condition is said to be suspected faulty current transformer and the other current transformers from the plurality of the current transformers are said to be healthy current transformers; d) Detecting a change in the computed fault indicative parameter from the electrical parameter measurements made from the said at least one healthy current transformer on detection of the fault condition in the suspected faulty current transformer; and e) Comparing the detected change in the computed fault indicative parameter with a preset threshold value for the fault indicative parameter to determine the condition of at least one electrical equipment in the electrical power equipment; wherein, the step of computing the fault indicative parameter is characterized by computing of a condition parameter selected from a group consisting of a negative sequence current parameter computed from measurements made with at least one healthy current transformer, a phase angle difference parameter computed from measurements between current signals from any two healthy current transformers from the plurality of current transformers and a combination parameter set based on the negative sequence current parameter and the phase angle difference parameter. a) Measuring electrical parameters from the plurality of current transformers for the multi-phase power equipment; b) Computing a fault indicative parameter for the multi-phase power equipment in the electrical power system from the measurements made with the plurality of current transformers; c) Detecting a fault condition in at least one electrical measurement made from the plurality of current transformers, the current transformer indicating fault condition is said to be suspected faulty current transformer and the other current transformers from the plurality of the current transformers are said to be healthy current transformers; d) Detecting a change in the computed fault indicative parameter from the electrical parameter measurements made from the said at least one healthy current transformer on detection of the fault condition in the suspected faulty current transformer; and e) Comparing the detected change in the computed fault indicative parameter with a preset threshold value for the fault indicative parameter to determine the condition of at least one electrical equipment in the electrical power equipment;