Kathmandu. Nepal Investment Bank has won a case worth Rs 2.4 billion related to Tanahu Hydropower in an Italian court. .

"We will immediately demand from the Italian bank to return more than Rs 2 billion to the country," said Jyoti Pandey, chief executive officer of the bank.

The contractor for the Tanahu hydropower project, Muratori e Commentisti 9CMC, had given a guarantee for the performance. But the company was not working accordingly.

Tanahu Hydro had claimed the guarantee amount from the bank after the company did not work. At the same time, the investment bank had paid the claim.

The CMC had filed a case in a local Italian court alleging that its bail had been forfeited. The single bench of the court had initially defeated the Investment Bank.

The bank had given performance guarantee in Nepali and Euro. The bank had given a guarantee of Rs 851.416 million and an average of Rs 87.49 million.