Hyderabad March 31 (way2newstv.com):
Former Member of Parliament Lakshapathi Rajagopal family's Lanco Teesta Hydro Power Ltd, including ICICI, 313.10 crores loan taken from banks,,In the wake of failing to recover .the bankruptcy process began on the orders of the National Company La Tribunal. Revealed that Hafeefa Sitab Khan as IRP (bankruptcy expert) had appointed.
The Tribunal said that the Lanco Teesta company should not sell its assets and do not do things like transferring money. In order to announce the bankruptcy process, In Salvage Bank has been ordered to keep details on the Raptis Board of India website. The committee has called on the committee to lend and ask the company to deposit the details of the property.
BANKRUPT LAGADAPATI LANCO TEESTA - TRIBUNAL ISSUED ORDERS
In 2007, the Lancashire Corporation Ltd had a consortium of several banks consortium led by ICICI for construction of a 500 MW hydro power plant on the River Teesta in Sikkim. 400 crore was taken into account. ICICI has stated that the company has failed to repay the debt, and it is already in the list of dull taxes. Excluding the total amount, the total outstanding returns amounted to Rs 313.10 crore as on November 2011, while the joint Lenders Forum notices were issued by banks. The Tribunal dismissed the claims, even though the lawyers of Lanco Teesta argued that the loss of water power plants had caused their loss.