Tangedco owes 720 crore to Hyderabad-based groups companies
Chennai, September 1:
In a novel approach by a private sector company to collect dues from a public sector utility, the Ind Bharath Group has filed a corporate insolvency petition against the Tamil Nadu Generation and Distribution Corporation (Tangedco) to recover a debt of 720 crore.
According to sources, three companies of the Hyderabad-based group Arkay Energy (Rameswaram Ltd), Ind Bharath Power Gencom and Ind Bharath Thermal Power Ltd which have supplied power to Tangedco, have approached the National Company Law Tribunal under Section 9, Rule 6 of the Insolvency and Bankruptcy Code, 2016, to recover dues totalling 720.54 crore, including principal and in…
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