Lanco Infratech Ltd said on Thursday a panel of its creditors has not approved an insolvency resolution plan and that its administrator will file for potential liquidation of the company.
Lanco, among 12 of the biggest debt defaulters in India that were pushed to bankruptcy court last year, said in a stock exchange filing that a debt resolution proposal from Thriveni Earthmovers Pvt Ltd had failed to get the minimum 75% creditors’ vote required for it to get the go ahead before the deadline expires on Friday.
The company did not give details of the proposal, but said its administrator would also seek a ruling from the bankruptcy court on a revised proposal given by Thriveni on May 1.
Lanco, whose business includes power and infrastructure, faces total claims of ₹51505 crore ($7.73 billion), according to government data.