 "Lanco Teesta Hydro Power")
The Hyderabad Bench of National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Lanco Teesta Hydro Power in a petition filed by the company's lead bank ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC).
The company failed to repay a loan of Rs 3.13 billion to ICICI Bank after the 500-Mw hydropower project, which was supposed to be commissioned in 2012, emained unfinished. The Teesta Stage-VI Hydro Electric Project was taken up by the firm on build, own, operate, and transfer basis in 2009 in a joint venture with Sikkim government at
The company failed to repay a loan of Rs 3.13 billion to ICICI Bank after the 500-Mw hydropower project, which was supposed to be commissioned in 2012, emained unfinished. The Teesta Stage-VI Hydro Electric Project was taken up by the firm on build, own, operate, and transfer basis in 2009 in a joint venture with Sikkim government at
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