Bhel sends legal notices to recover Rs.17,000 crore in dues

Bharat Heavy Electricals Ltd (Bhel) has sent legal notices to customers, including Abhijeet Group, Adhunik Group, Visa Power Ltd and Monnet Ispat and Energy Ltd, to recover Rs. 17,000 crore in dues. “These are challenging times. We have taken a clear decision that if a customer is not paying, we will be stopping the work,” an executive at the state-owned firm said, requesting anonymity. “We have also started issuing legal notices to the customers who are not paying.” Interestingly, Abhijeet Infrastructure Ltd, Adhunik Thermal Energy Ltd and Visa Power were named in the Comptroller and Auditor General of India report on allocation of coal fields. The Central Bureau of Investigation has also charged Jas Infrastructure and Power Ltd, a part of the Abhijeet Group, JLD Yavatmal Energy Ltd and AMR Iron and Steel Pvt. Ltd in cases related to the allocations. “We have demobilized the Abhijeet Group 1,080 megawatts (MW) Jharkhand power project site and closed the Visa Power project site,” said the Bhel executive. India’s largest power equipment maker has total dues outstanding of around Rs.39,000 crore at the end of the quarter ended June, but around half of the amount will be paid to the firm only after Bhel meets specific milestones related to a project. more at: http://www.livemint.com/Industry/jCFU6Vu3UNMkbqYkPnipnI/Bhel-sends-legal-notices-to-recover-17000-crore-in-dues.html