Polavaram Chief Contractor, Transstroy To Collapse Anytime?

The Crisis in Polavaram Chief Contractor, Transstroy seems to be blowing out of proportion. We already know that Canara Bank filed a petition before National Company Law Tribunal (NCLT), Hyderabad, urging it to declare M/s Transstroy (India) Ltd as bankrupt and initiate corporate insolvency process against the construction company.

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Now it is the turn of Dena Bank. The Bank officials have gone to seize the vehicles at Polavaram Site. Those were purchased by taking 150 Crore loan from the bank but the EMIs are not being paid. They are in talks with the project officials for the seizure.

The state government had already sensed the trouble with the contractor and called for sub-contracts of some works to ensure that the project is not derailed. After initial resistance, the Union Government has also agreed to that.