The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.
The bench headed by judicial member Ratakonda Murali in his orders appointed the interim resolution professional (IRP) Savan Godiavala as the liquidator of the company.
The Reserve Bank had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC).
The company, among 12 firms identified by the RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI…
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