Big Jolt to TDP Leaders Raghu Rama Krishna Raju, Ganta Srinivasa Rao

Visakhapatnam: Ahead of the elections in Andhra Pradesh, Telugu Desam Party (TDP) leaders K Raghu Rama Krishna Raju and Ganta Srinivasa Rao faced a significant setback. In a loan evasion case involving the Indian Bank, separate notices were issued for the auction of properties belonging to these two party candidates.

Raghu had obtained a loan of Rs 1,383 crore from a consortium led by Punjab National Bank to establish the Ind-Barath Thermal Power company in Tuticorin, Tamil Nadu. The Hyderabad-based National Company Law Tribunal (NCLT) issued a notice for the sale of land and plant assets related to the thermal power plants in Tamil Nadu. The NCLT stated that prospective buyers of these assets must submit their bids by June 13, 2024.

The assets put up for auction include 311 acres of Ind Bharat Thermal Power lands and 129 acres of land in Hankon village, Karnataka.

Similarly, the Indian Bank issued an advertisement to auction off the assets of another TDP leader, Ganta Srinivasa Rao, who had availed a bank loan of Rs 390.7 crore from the Indian Bank in the name of Pratyusha Resources and Infra Pvt Limited in Visakhapatnam but defaulted on the loan repayment. Consequently, the Indian Bank sent notices announcing the auction of his company's assets and has set June 7 as the last date for submitting bids.

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