The National Company Law Tribunal (NCLT) has approved NHPC's Rs 907 crore bid for the debt-ridden Lanco Teesta Hydro Power. The Hyderabad bench of the NCLT approved the recommendations of the Committee of Creditors (CoC) of Lanco Teesta Hydro Power, which had in its meeting in December last year voted in the bid's favour.
Resolution Plan submitted by the NHPC for Lanco Teesta Hydro Power has been approved by NCLT Bench, Hyderabad. As per the resolution plan, NHPC would pay Rs 877.74 crore to the financial creditors and Rs 11.12 crore would go to the operational creditors of Lanco Teesta Hydro Power.
NHPC is engaged in electric power generation by hydroelectric power plants. The company is also engaged in contracts, project management and consultancy works.
