HYDERABAD: Lanco Infratech, currently under insolvency proceedings, on Thursday said its Resolution Professional (IRP) is approaching the NCLT seeking approval for “the company’s liquidation or any other direction”as “a potential buyer has come with a revised “resolution plan”.
The revised plan had been submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm, on Tuesday as the creditors of Lanco Infratech earlier rejected its “resolution plan”, the company said in a regulatory filing. RBI had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under Insolvency and Bankruptcy Code (IBC).
The company, among 12 firms identified by RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium.
The revised plan had been submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm, on Tuesday as the creditors of Lanco Infratech earlier rejected its “resolution plan”, the company said in a regulatory filing. RBI had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under Insolvency and Bankruptcy Code (IBC).
The company, among 12 firms identified by RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium.