Punjab And Sind Bank Recognises Lanco Infratech’s Rs 215 Crore NPA Account As Fraud

Punjab & Sind Bank declared Lanco Infratech’s NPA account as fraud

Punjab & Sind Bank declared infrastructure conglomerate Lanco Infratech Limited’s NPA account as a fraud account, with outstanding dues of Rs 215.17 crore. According to a regulatory filing to the stock exchanges on Wednesday, June 16, Punjab and Sind Bank stated that in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the non-performing asset (NPA) account – Lanco Infratech, with outstanding dues of Rs 215.17 crore is declared as fraud and reported to the Reserve Bank of India (RBI) today. 

According to the statement, the account has been fully provided for as per the existing norms set by the Reserve Bank. Lanco Infratech Limited is among the first 12 accounts that were listed by the central bank for the corporate insolvency resolution. The company owes more than Rs 44,000 crore to an IDBI Bank-led lenders’ consortium.

In AUgust 2018, Lanco Infratech was admitted for liquidation following an order by the National Company Law Tribunal (NCLT).

This copy is being updated