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With the suspension of powers of the board of directors of Lanco Infratech Limited under the insolvency resolution proceedings, the results of the company will be submitted by Savan Godiawala, who has been appointed as the interim resolution professional.
The company had earlier informed the stock exchanges that the company board of directors would meet on August 11 to finalise first quarter results.
This development comes in the backdrop of the National Company Law Tribunal, Hyderabad branch initiating the Corporate Insolvency Proceedings (CIRP) as per the provisions under the Insolvency and Bankruptcy Code, 2016. On August 7, based on the application filed by IDBI Bank Limited, a financial creditor of the infrastructure company.
Savan Godiawala was appointed interim resolution professional (IRP) with effect from August 7. This has meant suspension of the powers of Board of Directors. The meeting scheduled for August 11 was therefore cancelled.
In a regulatory intimation to the stock exchange, the company informed on account of suspension of the powers of the Board of Directors and the Interim resolution professional taking over the management affairs of the company, the quarterly financial statements are being submitted to the IRP in compliance with the provisions.
The IRP is in the process of collating claims and reviewing the requisite financial and other relevant records of the company. Therefore, the quarterly statements cannot be submitted to the stock exchanges within 45 days for the quarter ended June 30, 2017, it further informed.
The company is among 12 entities chosen under the insolvency proceedings to expeditiously address the problems faced, including piled up debt.
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