Another PSU, BHEL now faces insolvency proceedings at NCLT

Another Public Sector Undertaking, Bharat Heavy Electricals Limited (BHEL) is now facing insolvency proceedings at the Delhi Bench of the National Company Law Tribunal (NCLT)..Just last month, an ex-employee who was a pilot at Air India for 28 years filed an insolvency application at the Principal Bench for unpaid salaries and allowances..Tricolite Electrical Industries Limited, an operational creditor of BHEL has filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 as well..The debt in dispute is with regards to an unpaid operational debt due from BHEL in respect supply of LT Panels, and supervision of erection and supervision in relation to 2X200 MW Tishreen Power Plant in Syria..The amount of debt under the Petition is Rs.1,00,19,145/-. This amount includes retention and freight charges, and sales tax liability discharged on behalf of BHEL along with interest..When the matter was listed before the Bench on April 6, the advocate appearing for BHEL sought time to file its reply, and the matter has now been posted to May 9, 2018..Counsel, Shikhil Suri instructed by Suri & Suri Law Offices appeared on behalf of the operational creditor, Tricolite Electrical Industries Limited..(Image taken from here)