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BSE to suspend trading in equity shares of Lanco Infratech from Sept 14

The Reserve Bank had in June 2017 directed IDBI Bank, lead lender of Lanco Infratech

Press Trust of India  |  New Delhi 

Lanco
Lanco

Leading stock exchange Thursday said trading in the equity shares of will be suspended from September 14, following commencement of liquidation proceedings.

The move comes after the Hyderabad bench of (NCLT), on August 27, ordered the liquidation of the company, and appointed resolution professional Savan Godiavala as the liquidator.

The bench ordered the liquidation of the company after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.

"Hence, to avoid market complications, trading in the equity shares of Ltd will be suspended with effect from September 14, 2018," said in a circular.

The Reserve Bank had in June 2017 directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under the (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.

First Published: Thu, September 06 2018. 15:40 IST
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