The National Company Law Tribunal allowed GE Power to withdraw its insolvency petition against public sector undertaking, Bharat Heavy Electricals Ltd (BHEL) with the liberty to revive if the operational debt is not settled.
Akshay Sapre, along with Abhijit Swarup and Aneesha Rastogi appeared for GE Power.
It was informed that BHEL had sent a letter to GE Power to settle Rs 25 crore of debt amount owed to GE Power. Further stated that GE Power was awarded the contract by BHEL for a Rs 271 crore project to supply components and services for supercritical steam generator island packages in 2016. BHEL had secured the order for a 2×800 MW coal-based Uppur Thermal Power Project from Tamil Nadu Generation and Distribution Corporation for Rs 5,600 crore.
GE Power was demanding a payment of the remaining Rs 36 crore from BHEL, of which Rs 5 crore was paid earlier. After that BHEL has promised to pay another Rs 25 crore, as per the letter of the settlement.
A two-member comprising Ashok Kumar Bhardwaj, Member (J) and I N Gupta, Member (T) granted permission to withdraw its insolvency petition against BHEL with the option to resurrect if the operational debt is not paid.
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