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NCLT likely to deliver judgement on August 27 on Lanco's liquidation plea

Employee Welfare Association of Lanco also filed a petition before the tribunal seeking to know why the resolution plan was rejected

Press Trust of India  |  Hyderabad 

Lanco
Lanco Infratech Limited | File photo

The (NCLT) in Hyderabad is likely to deliver its judgment on August 27, on the application filed by the Interim Resolution Professional (IRP) of Infratech Limited for the of the company.

The IRP had earlier filed a petition before the Hyderabad bench of NCLTfor the of the company as the Committee of Creditors (CoC) rejected the revised bid by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.

According to a regulatory filing by Lanco, of also filed a petition before the tribunal seeking to know why the resolution plan was rejected.

The Hyderabad bench of the tribunal will also take up, on August 23, an application of by Power Mech Projects Limited, a potential bidder which had submitted an 'Expression of Interest.'

"The bench heard the arguments of both the parties and posted the matter for pronouncement of Orders on the Application on August 27, 2018," said.

"As the CoC rejected the resolution plan submitted by Thriveni, the IRP has no choice but to approach the NCLT for the liquidation of the company," sources close to the development told PTI.

is part of the first 12 accounts that was listed by the

It owes over Rs 440 billion to an IDBI Bank-led lenders consortium.

The CoC of had twice rejected the resolution plan submitted by Thriveni Earthmovers.

First Published: Tue, August 21 2018. 16:35 IST
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