LANCO INFRATECH LTD. - Announcement Under Regulation 30 (LODR) - Updates (29.08.2018)
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| 29 Aug 2018 | |
| In continuation to the Letter of intimation to Stock Exchanges dated August 20, 2018 in respect of application for liquidation under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 filed by Resolution Professional ('RP') with Hon''ble National Company Law Tribunal ('NCLT'), Hyderabad Bench on July 27, 2018 on account of non-approval of the Resolution Plan by the Committee of Creditors, it is hereby informed that the Hon''ble NCLT, Hyderabad Bench passed an Order on August 27, 2018 appointing Shri Savan Godiawala, Resolution Professional as Liquidator and directed to initiate liquidation process of Lanco Infratech Limited as envisaged under Chapter-III of IBC, 2016 by following the liquidation process stated in IBBI (Liquidation Process) Regulations, 2016. The liquidation is of Lanco Infratech Limited (LITL) only. Pursuant to the aforesaid order, the liquidator shall invite the claims in accordance with the Insolvency and Bankruptcy Code, 2016 and the IBBI (Liquidation Process) Regulations, 2016 to determine the liabilities of LITL. <BR> <BR> Further, the Hon''ble NCLT, Hyderabad Bench heard the Application of M/s. Power Mech Projects Limited, a potential bidder which had submitted an Expression of Interest. The said Application has been dismissed by the Hon''ble NCLT, Hyderabad Bench.<BR> <BR> The copies of the NCLT Orders are enclosed for your reference.<BR> <BR> It is further informed that ICICI Bank Limited, one of the lenders of Lanco Babandh Power Limited ('LBPL'), a Subsidiary of the Company, which is developing a Thermal Power Project of 1,320 MW (2 x 660 MW) in the State of Odisha, has made an application to Hon'ble NCLT, Hyderabad Bench on May 07, 2018 for initiation of Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016. The Hon'ble NCLT has admitted the said application on August 29, 2018.<BR> <BR> This is for your information and record. | |
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