IDBI takes Lanco Infratech to NCLT

28 IDBI takes Lanco Infratech to NCLT

On August 9, 2017, the Hyderabad bench of the National Company Law Tribunal (NCLT) approved the insolvency proceedings against Lanco Infratech following an application by IDBI Bank under the Insolvency and Bankruptcy Code (IBC). The tribunal has appointed Savan Godiawala as the interim resolution professional (IRP) and posted the case to August 31. Lanco Infratech owes banks Rs 43,502 cr and reported a loss of Rs 890 cr on the back of Rs 1,635 cr in revenues in FY17. Lanco has consolidated debt of Rs 55,000 cr and Rs 11,000 cr is under insolvency proceedings.