 "bankruptcy, insolvency")
A Tamil-Nadu based independent power producer has moved a petition against the state-owned distribution company (discom)- the Tamil Nadu Generation and Distribution Company Ltd (TANGEDCO) that has been under debt for several years now and has allegedly not made payments to various electricity producers in the state.
The National Company Law Tribunal (NCLT) has been asked to step in to resolve the matter by initiating the corporate insolvency resolution process against TANGEDCO to recover receivables due to the producers.
According to the Chennai Bench of NCLT, Ind Bharat Power Gencom Ltd, Ind Bharat Thermal Power Ltd and Arkay Energy (Rameswaram)
