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IDBI Bank asked to begin insolvency resolution on Lanco lnfratech

Posted By: Doraiah Vundavally June 17, 2017

IDBI Bank asked to begin insolvency resolution on Lanco lnfratechMumbai, June 17 (IANS) Infrastructure major Lanco lnfratech (LITL) on Saturday said that the Reserve Bank of India (RBI) has directed its lead lender IDBI Bank to initiate corporate insolvency resolution process (CIRP) on the company.

"RBI directed IDBI Bank, the lead bank of LITL to initiate CIRP for LITL under the Insolvency and Bankruptcy Code, 2016," the company said in a regulatory filing to the BSE.

"The amounts mentioned in above referred letter shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016."

 

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IDBI Bank asked to begin insolvency resolution on Lanco lnfratech

About VDC

Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.