Lenders to the defunct Lanco Group have taken Hyderabad-based iLabs Group to court, claiming that the company has refused to part with the 29% stake it holds in Lanco Anpara Thermal Power to the power plant’s winning bidder, Megha Engineering & Infrastructures.
ILabs held charge over 29% shares of Lanco Anpara after its purchase of Lanco Thermal Ltd. According to the agreement with lenders, it was supposed to transfer that 29% to the winning bidder of Lanco Anpara on payment of ₹25 crore. This was also mentioned in the National Company Law Tribunal (NCLT) order when iLabs took over Lanco Thermal.
Last June, lenders voted in favour of Megha Engineering to takeover Lanco Anpara for a total consideration of ₹855 crore. However, iLabs has for the past one year refused to honour the contract and is demanding another ₹100 crore to transfer the stake, citing possible tax and other liabilities, said a person familiar with the matter.
“Banks have been patiently negotiating with iLabs for almost a year. They have been delaying the process and now have made this unreasonable demand. In fact, Megha also agreed to provide an indemnity to iLabs on any future liabilities, but they have been insisting on a cash payment which is why legal recourse is the only option,” said a person familiar with the process.
