Companies

NCLT to pronounce orders on Lanco’s liquidation plea on Aug 27

PTI Hyderabad | Updated on August 21, 2018 Published on August 21, 2018

The National Company Law Tribunal (NCLT) here is likely to deliver its judgement on August 27, on the application filed by the Interim Resolution Professional (IRP) of Lanco Infratech Ltd for the liquidation of the company.

The IRP had earlier filed a petition before the Hyderabad bench of NCLT for the liquidation of the company as the Committee of Creditors (CoC) had rejected the revised bid by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.

According to a regulatory filing by Lanco, the Employee Welfare Association of Lanco also filed a petition before the tribunal seeking to know why the resolution plan was rejected.

The Hyderabad bench of the tribunal will also take up, on August 23, an application by Power Mech Projects Ltd, a potential bidder, which had submitted an ‘Expression of Interest.’

“The bench heard the arguments of both parties and posted the matter for pronouncement of Orders on the Liquidation Application on August 27, 2018,” Lanco said.

“As the CoC rejected the resolution plan submitted by Thriveni, the IRP has no choice but to approach the NCLT for liquidation of the company,” sources close to the development told PTI.

Lanco Infratech is part of the first 12 accounts listed by the Reserve Bank. It owes over Rs 44,000 crore to an IDBI Bank-led lenders’ consortium. The CoC of Lanco Infratech had twice rejected the resolution plan submitted by Thriveni Earthmovers.

Published on August 21, 2018
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