KTIL top bidder for Lanco Hoskote Highway, NCLT approval awaited


Hyderabad: Kalyan group firm – Kalyan Toll Infrastructure (KTIL) – has emerged the top bidder for Lanco Hoskote Highway (LHHL), the Lanco group’s roadways entity that developed Bengaluru-Hoskote-Mulbagal section of National Highways, which is currently undergoing insolvency resolution process.

A banker in the know of the developments said the committee of creditors (CoC) has recently approved the bid of Kalyan group entity and the resolution professional has submitted the CoC’s recommendations to the National Company Law Tribunal (NCLT).

If approved by the NCLT, the LHHL toll road project will become the first National Highways asset to change hands through the corporate insolvency resolution process (CIRP) mechanism.

Indore-based construction firm KTIL, which takes up road projects under build, operate and transfer (BOT) mode, has reported a net profit of 109 crore on a revenue of 831 crore during the fiscal-ended March 2020. Its latest net worth stood at over 670 crore.

Kalyan group had in the last decade executed 12 BOT projects worth around 2,500 crore, of which eight projects are currently operational.

With the Lanco group’s road project arm defaulting to lenders, the Tribunal had, in October last year, ordered CIRP proceedings and appointed a resolution professional.

LHHL’s outstanding debt stood at 690.15 crore comprising 648.27 crore to financial creditors and 41.87 crore to operational creditors. Of this, the admitted debt of LHHL amounted to 443.4 crore to SBI and 204.87 crore to Edelweiss Asset Reconstruction Company.

As against this, the resolution professional appointed by the Tribunal Raghu Babu Gunturu had identified around 200 crore worth of assets at LHHL. When contacted,Gunturu told ET that “a detailed resolution plan as approved by the CoC has been submitted to the NCLT for its approval.”

READ  Bitcoin nosedived – but don’t panic: It's not that bad





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here