Thriveni Earthmovers has emerged as the highest bidder for debt-laden Lanco Infratech. With a debt of about Rs 45,000 crore, Lanco Infratech is one of the 12 stressed accounts identified by the Reserve Bank of India for resolution under the Insolvency and Bankruptcy Code.
The committee of creditors (CoC) led by the ICICI Bank decided that Tamil Nadu-based Thriveni Earthmovers was the top bidder and have asked the company to submit a “revised addendum” to its resolution plan. The CoC has rejected all the other bids for offering close to the liquidation value of the company, it is learnt. Most of the bids submitted for Lanco were for specific assets and few offering a consolidated plan for the entire company. The committee will conduct a vote for the resolution plan of Thriveni over the next two days. If the plan fails to get up to 75% votes then the company could go for liquidation, a person familiar with the matter said. Thriveni, it is learnt, has provided a comprehensive bid for all the assets of Lanco.