NCLT okays start of Lanco Amarkantak bankruptcy process
MUMBAI: The National Company Law Tribunal has allowed Axis BankNSE -0.94 % to start bankruptcy proceedings against Lanco Amarkantak Power after it defaulted on a .`960 crore loan, court documents reviewed by ETshow.
The power producer had sought to quash proceedings, claiming Axis Bank had initiated them as per Reserve Bank of India guidelines of February 12, 2018, which were invalidated by Supreme Court. Turning down the company’s appeal, the tribunal noted, “The (Insolvency and Bankruptcy) Code will override RBI circulars issued under the banking regulation act.” The tribunal appointed KPMG’s Saurabh Tikmani as interim resolution professional to run the company during bankruptcy process.
