 "debt, loan")
Rating agency CRISIL has affirmed the default "D" rating for bank loans to Lanco Infratech Ltd (LITL), a debt-laden construction company against whom lenders have begun insolvency proceedings.
The rating continues to reflect delays in meeting debt obligations. The delays were due to weak liquidity, and the rating is based on limited information available in public domain, CRISIL said in a statement on Tuesday.
In June 2017, the Reserve Bank of India had directed IDBI Bank, the lead bank to LITL, to initiate the corporate insolvency resolution process for the company under the Insolvency and Bankruptcy Code, 2016. The matter
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