INSOLVENCY PETITION FILED AGAINST TANGEDCO

Ind Bharath Group has filed an insolvency petition against TANGEDCO under the Insolvency and Bankruptcy code, 2016. This is due to the delay by TANGEDCO in the payment of dues of more than Rs 700 Cr. They claim that their funds are stuck in with TANGEDCO  due to which the they are unable to clear dues with their own creditors.  Chennai’s National Company Law Tribunal has been approached for the same and TANGEDCO has been given a week to file its counter.
 
The article about the same can be accessed here.