South India Corporation Pvt. Ltd has told the National Company Law Tribunal (NCLT), Chennai, that it is willing to settle payment disputes with Tamil Nadu Generation and Distribution Corporation (Tangedco) Ltd. The company, which is an operational creditor, had filed an insolvency case against Tangedco.
NCLT said it was inclined to accede to the request and adjourn the matter to enable the company to put forward a settlement proposal to Tangedco. The settlement proposal can be considered independently and without reference to the merits of the present insolvency petition.
South India Corporation had claimed a receivable amount of about ₹338.7 crore from Tangedco.
Tangedco had claimed that it had suffered a loss of about ₹1,683.58 crore on account of wrongful claims made towards wagon unloading charges.
NCLT has posted the case to October for further hearing.
