NCLT To Hear Lanco Infratech Insolvency Case On July 6
Lanco Infratech owes an IDBI Bank-led lenders consortium over Rs 44,000 crore.
The Hyderabad bench of the National Company Law Tribunal has decided to hear on July 6 a case related to Lanco Infratech Ltd., which is undergoing insolvency proceedings.
According to a legal counsel of one of the creditors, clarity would emerge on that day whether the company would go for liquidation or the 270-day deadline would be extended.
Lanco Infratech is part of the first 12 accounts that was listed by the Reserve Bank of India under the Insolvency and Bankruptcy Code proceedings. It owes an IDBI Bank-led lenders consortium over Rs 44,000 crore.
The extended deadline of 270 days to come up with a resolution ended on May 4.
The creditors of Lanco Infratech earlier rejected the ‘resolution plan’ submitted by Thriveni Earth Movers, a Tamil Nadu-based infra and mining firm. Subsequently the latter submitted a revised “resolution plan” on April 1.
“Since the corporate insolvency resolution period expires on May 4, 2018, the necessary application is being filed by the Resolution Professional with National Company Law tribunal Tribunal, Hyderabad bench, for liquidation of the company or for any other direction which NCLT may deem fit on account of the revised proposal dated May 1, 2018 submitted by Thriveni Earthmovers Pvt. Ltd.,” Lanco earlier said in a regulatory filing.
On Aug. 7, 2017 NCLT suspended the powers of the company’s board and appointed Savan Godiawala as interim resolution professional as part of the corporate insolvency resolution process for the company.