Shares of Lanco Infratech Ltd (Lanco) tanked 9.57 percent to a new record low of Rs. 1.70\u00a0on the BSE, hitting the lower circuit for the second consecutive day today. Yesterday, the scrip had nosedived 20 percent to a new record low of Rs. 1.88 after the company\u2019s confirmed in a filing to the exchange on Saturday that the Reserve\u00a0Bank of India (RBI) has directed the company\u2019s lead lender, IDBI Bank, to initiate a corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016 (IBC). \u201cThe amounts mentioned\u2026shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016,\u201d Lanco Infratech said in a BSE filing. Lanco is one of the 12 companies that the RBI has ordered banks to take to bankruptcy court in its efforts to cut India\u2019s bad debts that have grown to Rs 9.63 lakh crore. According to the RBI, these 12 bad loan accounts make up 25%, i.e. Rs\u00a02.5 lakh crore, of the Rs 9.63 lakh crore bad debts. Other accounts identified by RBI include Essar Steel, Bhushan Steel, Electrosteel Steel, Alok Industries, Jyoti Structures, Monnet Ispat and Jaypee Associates. You may also like to watch: [jwplayer LLcNKlSO] Last week, the central bank\u2019s internal advisory committee (IAC) had sent the list of 12 accounts to bankers for immediate reference under IBC.\u00a0These 12 accounts referred by RBI have an exposure of more than Rs 5,000 crore each, with 60 percent or more classified as bad loans by banks as of March 2016. Lanco will the first among these 12 stressed accounts identified by the RBI to face insolvency proceedings. Lanco Infratech Limited (Lanco) is an independent power producer, which has operations in the fields of engineering, procurement and construction (EPC), power, solar, natural resources and infrastructure. The company controlled by a former Congress party Parliamentarian owes banks Rs 18,000 crore and its market value is at Rs 613 crore. The promoters holding in the company stands at 58.52% while Institutions and Non-Institutions hold 20.29% and 21.19% respectively.