Hyderabad: The National Company Law Tribunal (NCLT) ordered an initiation of corporate insolvency process in respect of Indu Projects Ltd. The company is accused in at least half a dozen CBI and Enforcement Directorate (ED) cases in YS Jaganmohan Reddy disproportionate assets episode. However, the order is likely to result in further litigation from ED, legal experts say.
The NCLT order was a result of the grievances raised by Bank of India and a host of other banks including SBI and L&T infra finance which sought a repayment of Rs 2893 crore from Indu.
The company was allotted huge tracts of land a decade ago in united APs Anantapur (9,000 acres for setting up Lepakshi Knowledge hub), Shamshabad (250 acres for setting up Indu Tech Zone…
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