Lanco Infra petition dismissed

The Hyderabad High Court on Monday dismissed a petition filed by Lanco Infratech Ltd requesting the court to restrain Power Finance Corporation and IDBI Bank from encashing the ₹88-crore bank guarantee it furnished to them. The petitioner company reportedly took nearly ₹2,000 crore as loan from Power Finance Corporation and payments were not made in time and has become a defaulter. The corporation and the bank initiated steps to invoke and encash the bank guarantee.