The ongoing insolvency case against Lanco Infratech Ltd now has Power Mech Projects Ltd, a potential bidder, submitting an Expression of Interest, to be a part of the resolution plan.
The insolvency case was possibly heading for liquidation, with the Committee of Creditors, rejecting the revised resolution plan submitted by Thriveni Earthmovers Pvt Ltd, but has now been posted for further hearing. The National Company Law Tribunal, Hyderabad, last week heard the liquidation case along with the application filed by the employee Welfare Association seeking reasons from the Resolution Professional as to why the revised resolution plan was rejected.
Hearing the arguments of both the parties, the NCLT posted the matter for pronouncement on liquidation application to August 27 while deciding to take up the application of Power Mech for further hearing on August 23. IDBI Bank had filed the insolvency petition against Lanco under the Insolvency and Bankruptcy Code, 2016. The NCLT had appointed Savan Godiawala to manage the company after the Board was superseded.
When Expressions of Interest were invited, Thriveni had come up with its plan, which was rejected by the Committee of Creditors. Later, Thriveni again came up with a fresh application seeking resolution which too was rejected by the creditors.
Lanco Infra, which commands a portfolio of projects under power, highways, real estate, coal mining and is into EPC business, is amongst the first batch of 12 companies identified for resolution under the Insolvency and Bankruptcy Code.
IDBI Bank had filed the insolvency petition against Lanco for resolution under the Insolvency and Bankruptcy Code, 2016.