Debt Debt Financing
Punjab & Sind Bank declares Lanco Infratech as fraud account
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Punjab & Sind Bank has declared Lanco Infratech Ltd as a fraud account. The NPA account, with outstanding dues of INR 215.17 crore, has been reported to the RBI. The company owes more than INR 44,000 crore to an IDBI Bank-led lenders' consortium.
The company was admitted for liquidation following an order by the National Company Law Tribunal in August 2018.