Business Standard

NCLT initiates insolvency resolution for Lanco Teesta Hydro Power

The company failed to repay project loan dues of about Rs 3.13 billion to ICICI bank after the 500 Mw hydropower project remained unfinished due to various delays

Lanco Teesta Hydro Power
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The company failed to repay a loan of Rs 3.13 billion to ICICI Bank

Dasarath Reddy Hyderabad
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

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