IDBI Bank starts insolvency proceedings against Lanco Infra – The Indian Express

IDBI Bank has started insolvency resolution process against Lanco Infratech Ltd on Monday following a directive from the Reserve Bank of India (RBI). While this is the first resolution process initiated by the lenders against 12 large borrowers identified by the RBI last week, other cases are expected to be taken up by State Bank of India and other banks later this week.

Meanwhile, shares of Lanco Infratech, Amtek Auto, Bhushan Steel, Monnet Ispat and Alok Industries tumbled up to 20 per cent on Monday amid reports that these companies figure among the list of troubled acco…

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