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DSC's Highway Arm Faces Insolvency Process

Infra News - Published on Mon, 24 Jun 2019

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TOI reported that lenders have referred DSC's Lucknow-Sitapur project to the National Company Law Tribunal for insolvency resolution, even as banks are grappling with their debt problems with two other projects of what was once a high-profile group. Banking sources said lenders have dues of around INR 200 crore from the SPV executing the Lucknow-Sitapur project and NCLT is expected to hear the case next month.

A DSC spokesperson said that "Due to insufficient toll collection, very high rate of interest and construction of four new alternate non-tolling roads, entire lenders' dues could not be met. However, out of five banks, the company has already settled with three banks and discussions with remaining two banks are underway. The company is making full efforts to meet the shortfall."

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Posted By : Mohan Sharma on Mon, 24 Jun 2019
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