IndiaCatalog.com
India News
Search Web Directory
News Home
Insolvency deadline ends today: Lanco Infratech likely to face liquidation
Posted on 4th May 2018
Lanco Infratech is likely to face liquidation as a resolution plan by Thriveni Earthmovers was not approved by its committee of creditors (CoC), the company said in a regulatory filing on Thursday. One of the 12 large cases to be sent to the National Company Law Tribunal (NCLT) last year, Lanco’s 270-day insolvency deadline ends on May 4. Lanco Infratech owed banks Rs 43,502 crore at the end of fiscal 2017.

While details of the likely liquidation value of the company were not immediately available, it is expected that lenders will take a big hair-cut on such a move. ICICI Bank, IDBI Bank, Punjab National Bank, Andhra Bank and Axis Bank are among the prominent lenders to Lanco Infratech. According to the company, since the corporate insolvency resolution period expires on May 4, the necessary application is being filed by the resolution professional (RP) with the NCLT bench in Hyderabad for liquidation of the company. Lanco added that Thriveni Earthmovers had submitted a revised proposal on May 1.

In its statement, Lanco Infratech said: “This is to inform you that the resolution plan submitted by Thriveni Earthmovers was presented by the resolution professional (RP) 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. On account of less than 75% of the votes being cast in favour, the aforementioned approval of the CoC could not be obtained.”

FE had reported, after reviewing documents, in January that firms linked to Lanco Infratech — some of them subsidiaries — had registered claims of a whopping Rs 7,164.5 crore with the resolution professional (RP) of the company. This claim is bigger than that of all other operational creditors put together.

The Hyderabad bench of the NCLT had, in August last year, approved the insolvency proceedings against Lanco Infratech, following an application by IDBI Bank under the Insolvency and Bankruptcy Code (IBC). Lanco reported a loss of Rs 890 crore on the back of Rs 1,635 crore in revenues in FY17.

The company is part of a dozen troubled companies —with a combined debt of close to Rs 2.4 lakh crore — which the Reserve Bank of India had asked to be referred to the NCLT.

Related Companies: Lanco Industries   

Other Latest News
Amazon to close its online biz in China: Report
Posted on 23rd April 2019
Retail giant Amazon will withdraw its domestic e-commerce marketplace business in China, effective from July 18, but will keep operating its other business sections, including Amazon Web Services, Kindle e-books and cross-border operations.

Facing stiff competition from local online marketplace operators, including Alibaba, JD.com as well as the fast-growing Pinduoduo, Amazon's exit from e-commerce business would be the end of the company's 15 years of journey into the China market.


Microsoft employees decry Jack Ma backed '996' Chinese work culture
Posted on 23rd April 2019
San Francisco: A group of Microsoft employees has come forward to support Chinese tech workers on the gruelling '996' culture, writing a petition in defence of a trending GitHub repository that is being censored in China.

In a letter written on web-hosting service Github, owned by Microsoft, the employees have asked the company to keep the "996.ICU" GitHub repository uncensored, The Verge reported on Monday.


Bitcoin prices surge to a six-month high, after 35% gain this month
Posted on 23rd April 2019
Bitcoin prices jumped today to its highest in six months, pulling smaller cryptocurrencies up with it in a move that traders and analysts ascribed to technical forces with no apparent news catalysts at play.

Bitcoin, the biggest virtual coin, climbed as much as 4.5% in early trading to top $5,600 briefly, touching its highest since November 18.


Vicks, Gillette, Pantene maker P&G found guilty under GST anti-profiteering
Posted on 23rd April 2019
The GST profiteering investigation arm has found leading FMCG firm P&G India guilty of not passing on GST rate cut benefits to the tune of about Rs 250 crore by commensurate reduction in prices. Based on a complaint filed before the standing committee, the Directorate General of Anti profiteering (DGAP) investigated the books of accounts of P&G India pre and post November 15, 2017, and concluded that the consumer goods manufacturer has not lowered prices of certain of its products despite cut in GST rate to 18 per cent from 28 per cent.

Paytm takes cue from Alibaba, launches credit score check facility for app users
Posted on 23rd April 2019
Digital payments company Paytm has now enabled users to check their credit scores on its mobile app. Users can access the service by clicking on ‘My Credit Score’ under their user profile section. Paytm-backer Alibaba’s financial services affiliate Ant Financial had launched a similar service called Sesame Credit in January 2015 for individual credit scores of customers and small business owners.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Insolvency deadline ends today: Lanco Infratech likely to face liquidation
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Insolvency deadline ends today: Lanco Infratech likely to face liquidation

Most Read News

JustDial data leak exposed personal details of 100 million users: IT expert

Uber nears deal with Softbank-led group for self-driving car unit: Report

Jet shares sink 34% but lenders hopeful of successful bids for airline

Wipro trades flat on muted June quarter revenue guidance

SC admits plea to lift ban on Muslim women entering mosques

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement