Bankruptcy Procedure To Be Invoked on Telangana Discoms?

AP GENCO has approached the National Companies Law Tribunal to allow it to begin the Bankruptcy Procedure of the Discoms of Telangana to recover the pending dues to the tune of 5732.40 Crores till date including the interest.

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AP GENCO has brought to the notice of the tribunal that Telangana Discoms are not paying their dues for the power supplied from Andhra Pradesh after the State Bifurcation in the name of the pending division of assets and liabilities.

Despite several notices, the discoms did not pay back the amount and even tried to bargain on the dues saying one reason or other. Citing these reasons, AP GENCO has asked the tribunal to begin the Bankruptcy Procedure. The next hearing is posted on June 1st.