Comments
The National Company Law Tribunal (NCLT) Hyderabad has extended by 90 days the deadline for Lanco Teesta Hydel Power’s(LTHPPL) corporate insolvency resolution.
The insolvency petition was filed by ICICI Bank. Ratakonda Murali, Judicial Member, said, “I am satisfied that the Corporate Insolvency Resolution Process is to be extended by 90 days, beyond 180 days as per the Insolvency and Bankruptcy Code.”
The resolution period, which comes to an end on September 12, 2019, now gets extended.
Huzefa Fakhri Sitabkhan, NCLT-appointed Resolution Professional sought the extension. The Resolution Professional contended that the CIRP has reached an advanced stage and the time for submission of the resolution plans is expiring. Ten resolution applicants had informed the Committee of Creditors their willingness to submit resolution plans. Of these, only three applicants submitted their plans on August 10, 2018. Others have asked for more time..
Approval date of the plan expired on August 24.
The Committee of Creditors too passed a resolution seeking extension.
Meanwhile, the company has informed that Uddesh Kumar Kohli and Pawan Chopra, Independent Directors have resigned from the Board with effect from September 6, 2018 on account of liquidation as per NCLT Hyderabad bench order dated August 27.
Lanco Teesta is part of the diversified Lanco group, whose infrastructure holding company, Lanco Infratech Ltd, is already under liquidation.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.