Mumbai: Insolvency proceeding against Lanco Infratech, one of the 12 loan defaulting banks identified by the Reserve Bank of India (RBI) has been started by IDBI.
The proceeding comes on the heels of the RBI directing certain banks to take action against defaulting borrowers. According to the Economic Times, IDBI has initiated the proceeding under the Insolvency and Bankruptcy Code. Lanco Infratech Limited (LITL)…vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Reserve Bank of India directed IDBI Bank Limited, the lead bank of LITL to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy…
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