Lanco Infratech Ltd is headed for the liquidation process with the Committee of Creditors rejecting the revised resolution plan.

The diversified infrastructure company, which is faced with a piled up debt of over ₹45,000 crore, is battling insolvency case in the National Company Law Tribunal, Hyderabad.

A revised resolution plan filed by Thriveni Earthmovers Private Ltd, which was placed before the Committee of Creditors by the Resolution Professional Savan Godiawala, in accordance with the Insolvency and Bankruptcy Code, 2016, was rejected.

The resolution plan filed by the same company earlier was also rejected. Following which, the company filed a revised resolution plan. However, this was also rejected, opening up the case for liquidation.

Under the e-voting process taken up during July 25-26, the members of Committee of Creditors rejected it with only 66 per cent of the votes cast in favour. Therefore, the resolution plan did not go through.

Since the Committee of Creditors rejected the resolution plan, the application for liquidation under Section 33 (1) (a) of the Insolvency and Bankruptcy Code, 2016, was filed by the resolution professional in the NCLT late last week.

The Bench, which has been dealing with various petitions relating to the insolvency, has posted the matter for further hearing along with other pending matters on August 14. Some claims of employees are also under the consideration of the Tribunal.

Lanco Infra, with a portfolio of power, highway, real estate, coal mining and EPC business, is amongst the first 12 companies which were identified for resolution under the Insolvency and Bankruptcy Code.

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