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NEW DELHI: Shares of Lanco Infratech fell 4 per cent on Tuesday as the National Company Law Tribunal (NCLT) ordered liquidation of the company after its committee of creditors (CoC) rejected a revised resolution plan from Thriveni Earthmovers.
The stock fell 4.28 per cent to hit a low of Re 0.70 on the BSE.
The Hyderabad bench of NCLT headed by judicial member Ratakonda Murali appointed the company’s resolution professional, Savan Godiavala, as the liquidator.
The infrastructure firm has consolidated debt of more than Rs 45,000 crore from 29 lenders.
It was one of the initial 12 stressed assets that was identified by the Reserve Bank of India for resolution under the Insolvency and Bankruptcy Code, ET reported.
On July 13, the NCLT had extended the deadline to find a resolution by 16 days to facilitate the CoC to consider Thriveni Earthmovers’ revised proposal since it was submitted two days before the expiry of the corporate insolvency resolution period on May 4.
