NCLT orders liquidation of Lanco Infratech, appoints Savan Godiawala as RP

Lanco Infratech, which has a stand-alone debt of over Rs 100 bn, was taken to the NCLT by IDBI last year

The Hyderabad Bench of the National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech Limited (LITL), the holding company of the Lanco group, having a consolidated debt of Rs 500 billion. 

The Bench has appointed resolution professional (RP) Savan Godiawala as the liquidator and directed him to initiate the liquidation process as prescribed under Chapter-3 of the Insolvency and Bankruptcy Code (IBC), 2016, by following the liquidation process stated in IBBI (liquidation process) Regulation, 2013. 

"The liquidator appointed herein is directed to issue public announcement stating that the corporate debtor is in liquidation and also required to send