NCLT appoints IRP for Lanco Infratech insolvency case

Hyderabad Aug 10: A shock has been received.
National Company Law Tribunal (NCLT) Hyderabad bench yesterday has approved the insolvency proceedings against Lanco Infratech.
The court has issued the orders after an insolvency petition was filed by IDBI Bank under the Insolvency and Bankruptcy Code (IBC).

IBC law was passed by the parliament in 2016 to make sure that resolution of an insolvent company takes place in a time bound manner of 180 days.

NCLT has appointed Savan Godiawala as the interim resolution professional (IRP) in this case.Currently, Lanco Infratech owes Rs 43,502 crore to the banks. The company has reported a loss of Rs 890 crore on in FY17.

Lanco Infratech is one among the 12 companies list RBI has ordered banks to file an insolvency petition after An ordinance was passed by the government empowering the central bank to do so.