The National Company Law Tribunal, Hyderabad, has admitted an application for corporate insolvency resolution against Lanco Babandh Power Limited.
NCLT Judicial Member Bikki Ravindra Babu admitted the petition by ICICI Bank for insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 and directed issue of notices to various parties, including the financial creditor, corporate debtor and the interim insolvency resolution professional.
The NCLT appointed U Balakrishna Bhat as the insolvency resolution professional and directed him to make a public announcement of the corporate insolvency resolution process initiated against the power company, a subsidiary of Lanco Infratech Limited, which is facing a liquidation …
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