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IRP of Lanco Infratech awaits tribunal decision for liquidation

Power News - Published on Tue, 08 May 2018

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Lanco Infratech said its interim resolution professional has sought the approval of the National Company Law Tribunal for liquidation of the company or a takeover by Thriveni Earthmovers which has submitted a revised 'resolution plan. The creditors of Lanco had rejected the 'resolution plan' and later submitted a revised plan on April 1.

Lanco currently is under insolvency proceedings.

On August 7, the tribunal, suspending the powers of the board, appointed Savan Godiawala as IRP as part of the corporate insolvency resolution process (CIRP) for the company.

Lanco said in regulatory filing that "Since CIRP period expired today, the necessary application is being filed by the IRP with the Hyderabad bench of the tribunal for liquidation of the company, or for any other direction which the tribunal may deem fit on account of the revised proposal dated May 1, 2018 submitted by Thriveni Earthmovers.”

Lanco said the earlier plan received less than 75% of votes from the creditors and as the CIRP period expires tomorrow, the IPR sought the tribunal direction on the issue.

Lanco said that "This is to inform you that the resolution plan submitted by Thriveni Earthmovers was presented by the IRP for the approval of the committee of creditors (CoC) in accordance with the Insolvency and Bankruptcy Code, 2016, and the rules and regulations framed thereunder.”

It said that "On account of less than 75 per cent of the votes being cast in favour, the approval of the CoC could not be obtained.”

A senior official of Lanco told PTI that since Thriveni submitted an enhanced bid on the last date, the CoC did not have time to go through it in detail and hence decided to seek the direction of the tribunal.

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Posted By : Rabi Wangkhem on Tue, 08 May 2018
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