The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech Ltd, after the Committee of Creditors rejected a revised  resolution plan by Thriveni Earthmovers.

Lanco Infratech has a consolidated debt of Rs 45000 Cr from 29 different lenders.The holding company of the Lanco  group has an estimated consolidated debt of Rs 500 billion.

Savan Godiawala, a resolution professional, has been appointed as the liquidator by the Hyderabad Bench of NCLT. He has been asked to initiate the liquidation process as prescribed under the Insolvency and Bankruptcy Code, 2016.

According to the order,all powers of the board of directors, key managerial personnel and the partners of the corporate debtor will cease to have effect and will be vested in the liquidator.

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