Lanco Infratech Ltd’s lenders had had enough. The infrastructure company had made plenty of promises during its debt-restructuring negotiations with banks in 2013 as it sought to recast about Rs.7,000 crore in loans. A year and a half later, only a few of those promises had been honoured.
Asset sales were far too few and the slower-than-expected economic recovery meant that the stress on Lanco’s balance sheet showed no signs of easing.
