NCLT admits insolvency proceedings against Lanco Infratech
Mumbai: The National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Lanco Infratech, among the 12 identified cases referred to the tribunal following the Reserve Bank of India’s (RBI) 13 June directive, the firm said in an exchange filing on Thursday.
The Hyderabad bench of NCLT accepted the petition moved by IDBI Bank, and appointed Savan Godiawala as the interim resolution professional. The order was passed on 7 August. “As a result of the said order, the power of the board of directors stands suspended,” the company said.
Upon admission of the petition, a six-month moratorium begins to decide on a resolution plan in accordance with the Insolvency and Bankruptcy Code, 2016. During this period, the board is suspended, an interim resolution professional takes charge, and existing proceedings against the defaulter are suspended. This moratorium can be extended up to 270 days.
So far, various NCLT benches have accepted cases against 11 identified large borrowers, with Era Infra Engineering the only exception.