Lanco Infratech Ltd, against which Corporate Insolvency Resolution Process has been initiated, has said that the management of the affairs of the company vests with Savan Godiawala, who has been appointed as the Interim Resolution Professional.
Mr.Godiawala was appointed as the IRP with effect from August 7, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), by the Hyderabad Bench of the National Company Law Tribunal.
The NCLT had initiated the Corporate Insolvency Resolution Process based on an application filed by IDBI Bank, a financial creditor of the company. Consequently, the powers of the Board of Directors stand suspended. Thus, the quarterly statements cannot be submitted to the stock exchange within the stipul…
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