Lanco creditors to seek time extension to complete insolvency process

Company officials pointed out at a strong possibility of receiving the resolution plans targeting a particular asset of the company

The committee of creditors (COC) of Lanco Infratech (LIPL) decided to seek an extension of time from National Company Law Tribunal (NCLT) to complete the ongoing insolvency resolution process as the lenders want to have a full clarity on possible scenarios of resolution.
 
"The COC had held a meeting on Monday and decided to ask for an extension of time. The decision is yet to be formally communicated to the NCLT Hyderabad bench," a senior company official said today.
 
The initial 180-day period provided under the Insolvency and Bankruptcy Code (IBC) for the completion of insolvency process comes