TaxTMI 
TaxTMI 
2018 (5) TMI 2105
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....hy, Mr. S. Vallinayagah and Mr. C. S. Kiran, Advocates. ORDER Learned counsel for the Appellant submits that the parties have settled the dispute. A copy of the Minutes of the 6th Meeting held in PWD Conference Hall, Energy Department, Fort St. George, Chennai on 24.05.2018 has been produced which reads as follows:- 2. Mr. Amrendra Saran, learned senior counsel appearing on behalf of the Respondent - 'Tamil Nadu Generation & Distribution Company Ltd.' submits that in view of terms and conditions of the agreement, the Appellants are required to withdraw the appeal. He also handed over an account payee cheque bearing number 852321 dated 28.05.2018 for Rs. 40,00,00,000/- (Rupees Forty Crore Only) issued in the name of 'Arkay Energy (R....
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....d on 18.04.2018, 30.04.2018, 07.05.2018 and 15.05.2018, TANGEDCO and Appellant companies had discussions on the various issues under dispute, particularly the statement of accountsandthe accounting of energy as per the PPA, during the period from 18.05.2018 to 23.05.2018. Based on this, a reconciliation meeting was called on 24.05.2018. 2) TANGEDCO read out the details of the claims and admissions for the period from Oct 2015 to May 2016 in respect of all the three Appellant companies of the Ind Barath group. The amounts covered under various disputes which have been mentioned in all submissions before the Hon'ble NCLAT as well as in the minutes of the 3rd meeting held on 07.05.2018, which are pending before th....
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....mpensation charges) in respect of the three companies in all works out about Rs.124 crores. It was also pointed out by TANGEDCO that there are certain recoveries to be made, some of which are covered under court cases, and include receivables by TANGEDCO on account of current consumption charges, as well as likely excess payments made to Ind Barath that have been pointed out by auditors, to the extent of about Rs. 101 crores. Pending reconciliation with the audit, if the above recoveries are to be deducted, the balance outstanding principal due to Ind Barath group works out to about Rs.23 Crores (Rs.124 Crores-Rs. 101 Crores) 6) On the issue of interest, during the meeting, Ind Barath agreed to revise its metho....
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....h 0.00 14.27 61.17 75.44 Court of Madras. Principal dues 4 99.61 -61.823 -89.88 -52.093 (S. No.1-2-3) Add:Interest on 5 70.61 80.07 85.10 235.78 delayed payment Add:Interest on 6 38.63 0.0025 6.98 45.61 Unpaid Bills TOTAL 7 208.85 **18.25 **2.20 229.30 (S.No.4+5+6) **Subject to various prohibitory orders Further, Ind Barath insisted on payment of interest on delayed payment of an additional Rs.31 crores (Rs.266.64 -Rs.235.78crore) and the interest on unpaid paid bills of Rs.45.61 Crores in Sl.No.6 in the above table, which are yet to be reconciled between TANGEDCO and Ind Barath. 8) Apart from the above deposits mention....