The National Company Law Tribunal at Hyderabad is faced with a tricky issue of considering a revised resolution plan bid of Thriveni Earthmovers for the debt-laden Lanco Infratech Limited after the 270-day deadline for resolution.

While the first bid of Thriveni Earthmovers, filed in the stipulated period, was rejected by 16:84, the company filed a revised resolution plan. The Committee of Creditors, at least 25 of them, could not consider the revised bid due to paucity of time.

Following a petition moved to consider the revised plan, the NCLT would decide whether the fresh bid, now effectively for consideration after the deadline of 270 days (May 4, 2018), should be taken up. The tribunal was also closed for summer vacations in between.

The matter related to the diversified infrastructure company, which is saddled with a ₹45,000-crore debt, had come up for hearing today along with a batch of other petitions, has now been postponed to June 19 for further hearing.

Along with the petition to consider the revised bid of Thriveni Earthmovers, the NCLT is looking into a batch of petitions moved in the case. These could be bunched into petitions relating to creditors, petitions on guarantees issued by various bankers to Lanco Infra to execute projects, employees petitions on their concerns about their wages and dues among others.

Savan Godiawala, Interim Resolution Professional appointed by the NCLT, has recently informed about the decision to put off finalisation of results for the fourth quarter and financial year ended March 31, 2018, due to the ongoing developments.

In his letter to the Stock Exchanges on May 25, he had stated, “In view of the significant uncertainty in reflecting the financial position of the Company during the pendency of the application for insolvency, additional time has been sought from Securities and Exchange Board of India (SEBI) for finalisation and submission of Annual Audited Financial Results on Standalone basis and Consolidated basis and related disclosures for the Financial Year ending March 31, 2018.”

The Board Meeting scheduled on May 28, 2018 was also postponed and re-convened on the basis of the outcome of the liquidation application, the IRP informed.

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