Power Mech seeks more time for Lanco's insolvency resolution process

In the latest twist to the Lanco Infratech's delayed insolvency resolution process, Vijayawada-based listed company Power Mech Projects Limited on Friday filed an interim application before the Hyderabad bench of National Company Law Tribunal (NCLT) seeking an opportunity to submit a resolution proposal.

The development comes two months after the mandatory 270-day timeframe available for the completion of corporate insolvency resolution process (CIRP) expired on May 4. 

It may be recalled that Tamil Nadu-based Thriveni Earthmovers Private Limited, a lone applicant to submit a resolution proposal for Lanco Infratech, had filed a revised plan just a day before the expiry of 270