HYDERABAD: Lanco Infratech, the holding company of several power and infrastructure firms with a consolidated debt of over Rs 45,000 crore availed from more than 29 lenders, is heading for liquidation with the committee of creditors (CoC) refusing the revised resolution plan submitted by Thriveni Earthmovers.Lanco Infratech is one of the 12 stressed assets that were identified by banking regulator Reserve Bank of India (RBI) for resolution under the Insolvency and Bankruptcy Code (IBC).The ailing infrastructure firm informed the bourses on Monday that the resolution professional has filed an application for liquidation under the IBC last Friday before the National Company Law Tribunal’s (NCLT) Hyderabad bench, which has posted hearing on August 14.65209029 Lanco Infratech has informed the bourses that the revised resolution plan of Thriveni Earthmovers was placed before the CoC for approval following the orders issued by the NCLT on July 13. The revised resolution plan could not obtain the approval of the CoC with less than 66% of lenders casting their votes in favour of it during the e-voting on July 25 and 26.Earlier on July 13, the NCLT had extended the deadline by 16 days to facilitate the CoC to consider the revised resolution plan submitted by Thriveni Earthmovers since the revised plan was submitted two days before the expiry of corporate insolvency resolution period on MayIn all, the resolution professional had received claims of Rs 45,263 crore from financial creditors and Rs 5,389 crore from operational creditors where a majority of the claims of operational creditors were from the group companies of Lanco.Of the 12 claims from related parties amounting to Rs 7,164 crore, the resolution professional had admitted Rs 4,324 crore of related party claims.
from The Economic Times https://ift.tt/2vocirF
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