Debt-laden Lanco Infratech to file for potential liquidation
Photo Credit: Shah Junaid/VCCircle

India’s 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 percent creditors' vote required for it to get the go ahead before the deadline expires on Friday.

Lanco, whose business includes power and infrastructure, faces total claims of 515.05 billion rupees ($7.73 billion), according to government data.

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