SME Times News Bureau | 19 Jun, 2017
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."
