In what is being considered as a first in India’s insolvency resolution history, a state-owned entity has moved the National Company Law Tribunal (NCLT) to recover its arrears from another government-run firm.
Andhra Pradesh Power Generation Corporation (AP Genco) has dragged a Telangana power distribution company to the tribunal, seeking to recover more than 3,700 crore through insolvency proceedings.
AP Genco has filed its petition before the NCLT’s Hyderabad bench against Northern Power Distribution Company of Telangana under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process.
The power generation firm had earlier claimed around 4,000 crore from Telan…
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