IDBI Bank asked to begin insolvency resolution on Lanco lnfratech

Mumbai, June 18: Infrastructure major Lanco lnfratech (LITL) on Saturday said that the Reserve Bank of India (RBI) has directed its lead lender IDBI Bank to initiate corporate insolvency resolution process (CIRP) on the company. “RBI directed IDBI Bank, the lead bank of LITL to initiate CIRP for LITL under the Insolvency and Bankruptcy Code, 2016,” the company said in a regulatory filing to the BSE. (IANS)