National Company Law Tribunal (NCLT), Hyderabad bench on July 26, 2019 approved State run hydropower major NHPC’s bid for the debt-ridden Lanco Teesta Hydro Power Ltd (LTHPL) for an amount of Rs 897.50 Crores under Corporate Insolvency Resolution Process. NHPC Limited is a mini-ratna company under Ministry of Power and this is the first time that a state run company has bagged a project under IBC. The Original bid of Rs 907 crore was initially approved by the Committee of Creditors (CoC) of Lanco Teesta Hydro Power with 100% vote and the present bid amount of Rs 897.50 crores takes into consideration the theft occurring at site was approved by 97.34% vote.
As per the approved 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 will fund the project through a debt-equity ratio of 70:30.
