Axis Bank takes Lanco Amarkantak to NCLT over Rs 9.2 bn loan claim

LAPL is a coal-fired power subsidiary of debt-laden infra firm Lanco Infratech, which itself is currently undergoing insolvency resolution process

Axis Bank has taken Lanco Amarkantak Power Limited (LAPL) to the National Company Law Tribunal (NCLT) seeking insolvency resolution under Section 7 of  Insolvency and Bankruptcy Code (IBC), 2016 over a claim of Rs 9.2 billion in loans.

LAPL is one of the coal-fired power subsidiaries of debt-laden infrastructure company Lanco Infratech Limited, which itself is currently undergoing the insolvency resolution process.

In an application filed before the Hyderabad bench of NCLT, Axis Bank stated that the first date of default under the sanctioned facilities was triggered on August 31, 2017 and that status remained unchanged till date.The bank had categorised LAPL's