Lenders, led by Allahabad Bank, have invited bids to replace Transstroy Tirupati\u2013Tiruthani\u2013Chennai Tollways as the concessionaire for the four-laning of a 125-km stretch along NH-205, extending between Andhra Pradesh and Tamil Nadu, according to a bid document. The present concessionaire is a group company of Transstroy India, whose total debt stood at `1,721\u00a0crore\u00a0at the end of FY15. The company was also part of the Reserve Bank of India\u2019s (RBI) second list of large non-performing assets (NPAs). It received a suspension notice from the National Highways Authority of India (NHAI) in October. The other lenders to the road project are Bank of Baroda, Bank of Maharashtra, India Infrastructure Finance Company and Phoenix Asset Reconstruction Company. The transaction advisor to the lenders is iValue Advisors, who will assist in substitution of the existing concessionaire with a nominated company which, in turn, will assume all the rights and obligations of the concessionaire under the concession agreement. The project\u2019s total debt stood at Rs 405 crore, as per latest available information. In October 2015, India Ratings & Research had downgraded its rating on Transstroy Tirupati\u2019s bank loans worth Rs 405 crore to D from BB+, citing delays in debt servicing. Thereafter, in July 2016, NHAI issued a cure period notice to the concessionaire following an escrow default. According to the bid document, the total project cost was originally envisaged at Rs 578.5 crore to be funded through promoter contribution of Rs 122.1 crore, grant of Rs 51.4 crore from NHAI, and debt of Rs 405 crore. The project cost has now been revised to Rs 660.7 crore, of which Rs 209.5 crore was funded through equity, Rs 46.3 crore came from NHAI, and debt accounted for Rs 405 crore. \u201cAround Rs 200-250 crore is required for completion of EPC (engineering, procurement and construction) works with complete right of way available,\u201d the lenders said in the document. As per the concession agreement signed between NHAI and Transstroy Tirupati in July 2010, the concession period is 30 years from the appointed date of April 7, 2011. The National Company Law Tribunal (NCLT) had on October 10 admitted a petition by Canara Bank, seeking initiation of the corporate insolvency resolution process against Transstroy India under Section 7 of the Insolvency and Bankruptcy Code (IBC).