Hyderabad bench of National Company Law Tribunal (NCLT) has initiated the insolvency resolution process for Lanco Teesta Hydro Power Private Limited in a petition filed by the company’s lead bank ICICI Bank Limited under section 7 of Insolvency and Bankruptcy Code(IBC).
The company failed to repay project loan dues of about Rs 3.13 billion to ICICI bank after the 500 Mw hydropower project, which was supposed to be commissioned by 2012, remained unfinished due to various delays. The Teesta Stage VI Hydro Electric Project was taken up by the company on build, own, operate and transfer basis way back in 2009 under joint sector with Sikkim government at a cost of Rs 30 billion of wh…
Read the full article at: http://www.business-standard.com/article/companies/nclt-initiates-insolvency-resolution-for-lanco-teesta-hydro-power-118040100207_1.html
