Hyderabad: In a setback for city-based infra player Lanco Infratech, that has been saddled with a humungous debt of around Rs 43,000 crore, the National Company Law Tribunal (NCLT) has given its nod for initiating insolvency and bankruptcy proceedings against the company.
Lanco Infratech on Wednesday informed the bourses that the NCLT, Hyderabad Bench, vide its order dated August 7, 2017, has initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), based on the application filed by its lender IDBI Bank Limited.
Savan Godiawala has been appointed as the interim resolution professional (IRP) with effect from August 7, 2017, under the provisions of IBC. As a resu…
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