A state-owned entity has moved the National Company Law Tribunal (NCLT) to recover its arrears from another government-run firm, a first in India’s insolvency resolution history.
Andhra Pradesh Power Generation Corporation (AP Genco) has dragged a Telangana discom to tribunal, seeking to recover more than Rs 3,700 crore via insolvency proceedings.
AP Genco has filed its plea before NCLT’s Hyderabad bench against Northern Power Distribution Company of Telangana under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process.
Source: Economic Times