The high court of Bombay at Goa has dismissed a petition filed by Vedanta Limited seeking winding up of Global Energy Private Limited (GEPL) due to non-payment of over Rs 10 crore. The court observed that ‘Vedanta is taking advantage of its dominant position to engage in arm twisting tactic to try to recover the disputed amount’.
GEPL had agreed to purchase 150 MW of power for a period between May16, 2013, to August 15, 2013, from Vedanta.
It paid Rs 41.8 crore to Vedanta as against an invoice of over Rs 52.7 crore. Vedanta issued a statutory notice to the company to pay the outstanding amount of over Rs 10.9 crore. As its dues were not totally paid, Vedanta approached the high court seeking winding up of GEPL in 2015. Read More…
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