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.
Financial results
On Monday, Lanco Infratech informed the stock exchanges that with suspension of the powers of the Board and the IRP taking over the management of affairs, the financial results for the quarter ended June are being submitted to the IRP in compliance with the provisions of IBC.
The IRP is in the process of collating claims and reviewing the requisite financial and other relevant records of the company. Thus, the quarterly statements cannot be submitted to the stock exchange within the stipulated 45 days in respect of the quarter ended June 30, the company said.
Earlier, the company had informed the bourses that its Board of Directors would meet on August 11 to finalise the quarter’s results.
The IRP would consider the quarterly statements in “due course” and the date regarding the same would be duly intimated, the company said in the filing.