GMR Infrastructure Ltd has alleged that state-run Tamil Nadu Electricity Board and its generation arm Tamilnadu Generation and Distribution Corporation Ltd. ( TANGEDCO) owes around Rs 850 crore to the company.
According to the company's balance sheet, as of March 31, 2012 the power segment companies have receivables (including unbilled revenue) from Tamil Nadu Electricity Board (TNEB) and TANGEDCO Ltd aggregating to Rs 850 crore.
“Based on internal assessment and various discussions that the group had with TNEB and TANGEDCO, the management is confident of recovery of such receivables,” it was further said. The TNEB officials were not available for comment.
In case of GMR Power Corporation Ltd (GPCL), a subsidiary of the company, claims/counterclaims arise out of the power purchase agreement (PPA) and land leasing agreement (LLA) in respect of the dues recoverable form TNEB on account of sale of energy including the reimbursement towards interest of working capital, minimum alternate tax (MAT), rebate, start/stop charges and payment of land lease rentals to TNEB.
GPCL approached the Tamil Nadu Electricity Regulatory Commission (TNERC) to resolve the aforementioned claims/counter claims.
“A favourable order was received from the TNERC on April 16, 2010 and in pursuance of the Order, GPCL had filed its claim on April 30, 2010 amounting to Rs 481.68 crore and recognised Rs 79.55 crore as income in the book of account,” said the company.
TNEB filed a petition against the TNERC's Order in Appellate Tribunal of Electricity (APTEL).
GPCL has appealed to the Supreme Court in Civil Appeals seeking certain interim relief with respect the benefits pointed out by APTEL on credit period of fuel supplies in terms of FSA.