The RBI has directed lenders of Lanco to initiate corporate insolvency proceedings against the company under the Insolvency and Bankruptcy Code
Mumbai, July 10:
A week after New Delhi-based Hindustan Powerprojects encashed bank guarantees of Lanco Infratech worth 500 crore, due to unfulfilled contractual obligations at the latters 2,520MW Anuppur thermal power plant, the sub-contractors of Lanco have alleged the company is trying to collect money from the market by encashing bank guarantees of various sub-contractors across the country.
Several companies, including Kelvion India, Pertair Valves and Controls, Vaas Automation and others have received notification that their bank guarantees have been encashed by Lanco. Wh…