K. Anantha Padmanabha Swamy, Member - (1.) Under Adjudication is a Company Petition filed by Ind-Barath Powergencom Limited (hereinafter called as, 'Petitioner/Operational Creditor') under section 9 of the Insolvency & Bankruptcy Code 2016 (for brevity, 'IB Code 2016') r/w. Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016 (for brevity, 'IB Rules 2016') praying this Adjudicating authority (in short, 'AA') to initiate Corporate Insolvency Resolution Process against Tamilnadu Generation & Distribution Company Limited (hereinafter called as, 'Respondent/Corporate Debtor') on the grounds of respondent's inability to pay debt of Rs. 157,85,71,585/-.
(2.) Before I proceed with the matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.
(3.) The Petitioner/OC is a Public Limited Company incorporated under the Companies Act, 1956 having registered office at New No. 20. Old No. 129, Chamiers Road, Nandanam, Chennai-600035 and engaged in the business of power generation.;