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BHEL, L&T among contractors seeking dues from Visa Power's insolvency

The team handling the resolution of Visa Power, however, has expressed concern that the sale of the company will not generate enough revenue to pay the pending dues of contractors

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ENERGY POSITIVE Historically, power generation has been price-regulated, even after the passage of the Electricity Act in 2003. India's electricity sector received new impetus under this Act

Veena Mani Shreya Jai New Delhi

Last Updated : Apr 25 2018 | 11:50 PM IST

Three contractors, including state-owned BHEL and infrastructure major Larsen & Toubro, have submitted to the resolution professional that they wish to recover unpaid dues of Rs 20 billion from Visa Power, which is facing insolvency proceedings.

Bank of Maharashtra filed the bankruptcy proceedings against Visa Power. The petition was admitted by the NCLT in December 2017. A consortium of 11 lenders has a debt exposure of Rs 19 billion to the company.

The team handling the resolution of Visa Power, however, has expressed concern that the sale of the company will not generate enough revenue to pay the pending dues of contractors.

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