The National Company Law Tribunal (NCLT) Hyderabad has extended by 90 days the deadline for Lanco Teesta Hydel Powers(LTHPPL) corporate insolvency resolution.
The insolvency petition was filed by ICICI Bank. Ratakonda Murali, Judicial Member, said, I am satisfied that the Corporate Insolvency Resolution Process is to be extended by 90 days, beyond 180 days as per the Insolvency and Bankruptcy Code.
The resolution period, which comes to an end on September 12, 2019, now gets extended.
Huzefa Fakhri Sitabkhan, NCLT-appointed Resolution Professional sought the extension. The Resolution Professional contended that the CIRP has reached an advanced stage and the time for submission of the resolution plans is expiring. Ten resolution applicant…
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