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NCLT posts Lanco Infratech case to July 6

Press Trust of India  |  Hyderabad 

The bench of the Tribunal today posted to July 6 the hearing in a case related to Infratech Ltd, which is undergoing proceedings.

According to a of one of the creditors, clarity would emerge on that day whether the comany would go for liquidation or the 270-day deadline would be extended.

Infratech is part of the first 12 accounts that was listed by the Reserve Bank. It owes an IDBI Bank-led lenders consortium over Rs 44,000 crore.

The extended deadline of 270 days to come up with a resolution ended on May 4.

The creditors of Infratech earlier rejected the 'resolution plan' submitted by Thriveni Earth movers, a Tamil Nadu-based infra and firm. Subsequently the latter submitted a revised "resolution plan" on April 1.

"Since the corporate resolution period expires on May 4, 2018, the necessary application is being filed by the Resolution Professional with tribunal Tribunal, bench, for liquidation of the company or for any other direction which NCLT may deem fit on account of the revised proposal dated May 1, 2018 submitted by Thriveni Earthmovers Private Limited," Lanco earlier said in a regulatory filing.

On August 7, 2017 NCLT suspended the powers of the Board and appointed as Interim Resolution professional as part of the Corporate Resolution Process for the company.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 19 2018. 23:15 IST