Ind Bharath moves insolvency petition against TN power utility

The Ind Bharath Group has filed an insolvency petition against Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) to recover dues of over Rs 7 billion from the state utility under the Insolvency and Bankruptcy Code, 2016. The three verticals of the Ind Bharath Group – Arkay Energy (Ramewswaram Limited), Ind Bharath Power Gencom and Ind Bharath Thermal Power Limited – which have supplied power to TANGEDCO have approached the NCLT Chennai Bench for relief.