Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Insolvency Code Stories – Lanco tale, where Petitioner itself may be extinct

Insolvency Code Stories – Lanco Tale, Where Petitioner Itself May Be Extinct

As such, the Insolvency Code is a piece of legislation, but in its application, it transcends the legal and tends to take socio-economic colors with huge strategic shades. Each case that is filed in the judicial forums, the way the creditors formulate their strategies, the debtors response, the judicial evaluation of each case, everything needs to be seen through laterally, from a strategic management perspective to understand how corporates get into trouble and thereafter need to crawl out of the hole. The story of Lanco is appears to be a never ending tale of twists, twists and some more twists, a story in which the petitioner (not Lanco) itself is on the verge of extinction. It is not uncommon for a CEO to sue his ex company; happens all the time, particularly in the US of A. However, even in the US of A, it is rare to see an ex-CEO filing corporate insolvency of the company where he had built up over a decade. The CIRP petition IB/9/HDB/2017 filed u/s 9 of the Code was decided on 21st Feb 2017 by the Hyderabad NCLT bench. It sought to put Lanco InfraTech Limited into Insolvency in accordance with the provisions of IBC 2016, appoint Interim Resolution Professional, award costs etc.. The petition was filed by KKV Naga Prasad who had worked for various group companies of Lanco InfraTech Ltd, from Jan 2003 till Jan 2014, in various roles, the last being CEO.



This post first appeared on Tax Guru, please read the originial post: here

Share the post

Insolvency Code Stories – Lanco tale, where Petitioner itself may be extinct

×

Subscribe to Tax Guru

Get updates delivered right to your inbox!

Thank you for your subscription

×