Infrastructure major Lanco lnfratech (LITL) on Saturday said that the Reserve Bank of India (RBI) has directed its lead lender IDBI Bank to initiate corporate insolvency resolution process (CIRP) on the company.
"RBI directed IDBI Bank, the lead bank of LITL to initiate CIRP for LITL under the Insolvency and Bankruptcy Code, 2016," the company said in a regulatory filing to the BSE.
"The amounts mentioned in above referred letter shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016."
--IANS
rv/vd
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app