Mahindra Susten sues SunEdison over dues
Mahindra Susten has sought the Madras High Court’s intervention over Rs 46.19-crore dues from SunEdison India for work on a project. The petition has been filed against SunEdison Solar Power India, the Indian arm of SunEdison, the Netherlands-based SunE Solar, and Sunborne Energy. Sunborne Energy was setting up a solar farm in Mehaboobnagar district of Telangana and had appointed Mahindra Susten, a Mahindra group company that makes power plants, as its supplier. SunEdison had engaged it to design, engineer, supply, erect, operate and maintain the power plant, the Mahindra Susten petition said, and it was yet to receive Rs 46.19 crore towards supply, civil works and services for invoices raised till March 31, 2016. While Mahindra Susten was following up with SunEdison India, SunE Solar offered to secure the dues by not transferring its interest on 49 per cent of its shares in Sunborne Energy. The Mahindra Susten petition stated Southern Power Distribution Company of Telangana was purchasing power from Sunborne Energy but its dues had not been paid. It has also alleged that one of the subsidiaries of SunEdison, Terraform Global, had sued it in the US claiming ownership over all assets in India.
An e-mail to SunEdison India did not draw a response till the time of going to press. The company sought orders to direct SunEdison India to furnish a security of Rs 46.19 crore and disclose its list of assets. It sought restraints on SunE Solar over selling its stakes in Sunborne Energy. It also wanted Southern Power Distribution Company of Telangana to stop releasing any payments till its dues were settled.
Source: Business Standard