The National Company Law Tribunal, Hyderabad, has ordered liquidation proceedings for Lanco Infratech Ltd. The NCLT Bench dismissed a petition filed by Power Mech Projects Ltd to consider a deadline extension to place a bid for Lanco Infratech.
Ordering the appointment of Insolvency Resolution Professional (IRP) Savan Godiawala as the official liquidator, NCLT Member Ratakonda Murali accorded 75 days time for the liquidation process.
The diversified infrastructure company was taken to NCLT by IDBI, and the IRP had called for a resolution plan by potential bidders.
In the first attempt, Thriveni Earthmovers bid, the only comprehensive one, was considered. However, it was rejected by the Committee of Creditors (CoC) with barely 15 per cent …
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