Lanco Infratech – File Photo
New Delhi :
Infrastructure major Lanco Infratech became the first company to face insolvency proceedings among the twelve entities identified by IDBI Bank to recover its dues by taking the resolution to insolvency courts, said a person familiar with the matter.
The bank has fund based exposure of Rs 7,799 crore and non-fund based exposure of Rs 3,349 crore as on March 2016, while the overall dues from the company are more than Rs 17,000 crore as the company’s market capitalisation is just a fraction of it.
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