The National Company Law Tribunal today extended the deadline by 16 days to facilitate the Committee of Creditors of Lanco Infratech to examine the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.
Lanco Infratech Limited is undergoing insolvency proceedings and the Hyderabad bench of the NCLT was hearing a petition filed by the Interim Resolution Professional seeking the benchs direction on the extension of the 270-day deadline to examine the Thriveni Earthmoverss revised plan.
The CoC could not examine the revised plan from the Tamil Nadu-based firm it received it on May 2, just two days before the deadline to come up with a resolution expired on May 4.
Lanco Infratech Limited is among 12 firms identified by the Reserve Bank with a combined debt of over Rs 1,50,000 crore, a quarter of the total NPAs, for proceedings under the newly enacted Insolvency and Bankruptcy Code, 2016.
It owes an IDBI Bank-led lenders consortium over Rs 44,000 crore.
The bench directed the Interim Resolution Professional to place the revised resolution plan filed by TEPL before the CoC.
It directed the CoC to take appropriate decision on the revised plan within the period allowed.
"In the result, application is allowed by excluding 16 days for the purpose of continuing period of Corporate Insolvency Resolution Process (CIRP) and thereby allowing RP/CoC a further 16 days with immediate effect from today to complete the CIRP ...," it said.
The resolution professional is directed to discharge functions as usual during the period, it said.
The CoC of Lanco Infratech had earlier rejected the resolution plan submitted by Thriveni Earthmovers, which subsequently submitted a revised resolution plan.
Since the corporate insolvency resolution period expired on May 4, the Resolution Professional approached the NCLT Bench seeking a direction from it.
On August 7, 2017, the NCLT suspending the powers of the Board, appointed Savan Godiawala as Interim Resolution professional as part of the CIRP for the company.
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