HYDERABAD:Canara Bank on Friday filed a petition before National Company Law Tribunal (NCLT), Hyderabad, urging it to declare M/s Transstroy (India) Ltd as bankrupt and initiate corporate insolvency process against the construction company. This bank’s decision is likely to have several ramifications as Transstroy is the main contractor currently entrusted with the task of constructing AP‘s prestigious Polavaram irrigation project and the company is owned by a TDP MP from Andhra Pradesh.
Canara Bank’s prime corporate branch filed this plea, informing the tribunal that the construction firm has become a defaulter with respect to the ?725 crore loans it availed in various forms.
By December 22, 2017, total outstandin…
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