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Lanco Thermal Power Gets Financial Claims worth INR 24,000 crore

Power News - Published on Thu, 22 Aug 2019

Image Source: ET
Lanco Thermal Power, the holding company for investments in thermal power plants by Lanco Group, has received financial claims of INR 24,000 crore, said two people with direct knowledge of the matter. Among the 15-20 lenders to the company are Andhra Bank, ICICI Bank, Axis Bank, Canara Bank, and IDBI Bank. The NCLT’s Hyderabad chapter admitted the case for insolvency proceedings on May 9 this year. Andhra Bank moved the petition under the Insolvency and Bankruptcy Code.

About 99% of the claims have been submitted by banks/financial institutions marked as indirect lenders, which extended loans to holding, subsidiary and associate companies. Most of these companies are undergoing insolvency process or are under liquidation. Direct lenders, with 1% of the claims, loaned funds to the holding company.

Mr Parveen Bansal, designated partner of Delhi-based AAA Insolvency Professionals LLP, was appointed the resolution professional. Bansal confirmed the quantum of financial claims to ET.

Source :

Posted By : Ratan Singh on Thu, 22 Aug 2019
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