IRP seeks NCLT"s direction"on Lanco Infratech"s liquidation

Lanco Infratech, currently under insolvency proceedings, today 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.

The Reserve Bank had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC).

The company, among 12 firms identified by the RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium.

On August 7 last, the National Company Law Tribunal (NCLT) suspended the powers of the company board and appointed Savan Godiawala as Interim Resolution professional as part of the Corporate Insolvency Resolution Process (CIRP) for the firm.

In the filing, the company said since the corporate insolvency resolution period expires tomorrow, the necessary application was being filed by the Resolution Professional with the National Company Law Tribunal (NCLT), Hyderabad Bench.

This is for "...liquidation of the company, or for any other direction which the NCLT may deem fit on account of the revised proposal dated May 1, 2018 submitted by Thriveni Earthmovers Private Limited,""it"said. "