CHENNAI:
Private power producer Ind Bharath Group has filed an insolvency petition against the States power utility Tamil Nadu Generation and Distribution Corporation (Tangedco) for non-payment of dues of over 700 crore under the Insolvency and Bankruptcy Code, 2016.
This is the first time the insolvency route has been used to recover non-payment of dues from a State-owned enterprise and corporate lawyers view the proceedings in this case would be keenly watched.
Ind Bharath Groups three arms Arkay Energy (Ramewswaram Ltd), Ind Bharath Power Gencom and Ind Bharath Thermal Power Ltd which have supplied power to Tangedco have approached the National Company Law Tribunal (NCLT) Chennai Bench for relief.
They have filed the case under Sectio…
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