The National Company Law Tribunal, Hyderabad, has admitted Lanco Kondapalli Power Ltd for insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
Axis Bank, the lender for the group company of Lanco Infratech Ltd, had dragged the Kondapalli project for insolvency proceedings following default in payment of statutory dues.
Lanco Infratech Ltd, a listed entity which is the parent holding company, has also gone through the insolvency resolution process. Following the failure to get a suitor for the holding company, liquidation process is currently under way.
Lanco Kondapalli is the first project that the Lanco group had taken up and over a period, it has set up a gas and naptha power project of 368 MW. Later, another …