Punjab & Sind Bank declares Lanco Infratech as fraud account

Punjab & Sind Bank declares Lanco Infratech as fraud accountPremium
Punjab & Sind Bank declares Lanco Infratech as fraud account
 1 min read . Updated: 16 Jun 2021, 09:23 PM IST Livemint( with inputs from PTI )

Punjab & Sind Bank on Wednesday said it has declared Lanco Infratech Ltd as a fraud account.

The NPA account, Lanco Infratech Ltd, with outstanding dues of ₹215.17 crore has been declared as fraud and reported to RBI today as per regulatory requirement, the bank said in a regulatory filing.

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"Further, the account has been fully provided for as per existing RBI norms," the filing said.

Lanco Infratech is among the first 12 accounts that were listed by RBI for corporate insolvency resolution. The company owes more than ₹44,000 crore to an IDBI Bank-led lenders' consortium.

The company was admitted for liquidation following an order by the National Company Law Tribunal in August 2018.

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