The National Company Law Tribunal, Chennai, on Saturday, reserved an order that would clarify whether a PSU would fall within the ambit of a corporate person under the Insolvency and Bankruptcy Code.
The matter before the Tribunal pertains to Petitions filed by power producers Ind. Bharath Power Gencom Ltd, Ind. Bharath Thermal Limited and Aarkay Energy (Rameshwaram) Limited against Tamil Nadu Generation and Distribution Company Ltd. (Tangedco), the State government-owned power distribution company.
The Petitions seek initiation of corporate insolvency resolution process to recover the receivables to the tune of over Rs. 600 crore in all the three entities put together, from the discom.
Another issue that this matter deals with is impact of…
Read the full article at: http://www.livelaw.in/can-psu-can-corporate-person-bankruptcy-code-nclt-chennai-reserves-order/
