IDBI BANK LIMITED Vs. LANCO INFRATECH LIMITED

JUDGEMENT

(1.) The Company petition bearing C.P (IB) No. 111/7/HDB OF 2017 is filed by IDBI Bank Limited (herein after referred to as Applicant/ Petitioner/Financial Creditor), against Lanco Infratech Limited (herein after referred to as Respondent/Corporate Debtor) under section 7 of Insolvency and Bankruptcy Code 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by seeking to initiate a Corporate Insolvency Resolution Process(CIRP) by admitting the application under Section 7(5)(a) of IBC, 2016; to appoint Sri Vijaykumar V. Iyer as the interim resolution professional in terms of section 16 of the Code; to declare a moratorium in terms of Section 13 and 14 of the Code; to cause public announcement of the Corporate Insolvency Resolution Process be made in terms of Section 13 and 15 of the Code; with other consequential reliefs.

(2.) Brief facts, which are stated in the application/petition and relevant to adjudicate the issue in question, are as follows.

(3.) Heard Shri Animesh Bisht, Dhanunjay Kumar, Megha Sharma, Divya Datla, 1/b