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NCLT allows ICICI Bank's insolvency plea against Punj Lloyd over INR 854 crore default

Infra News - Published on Tue, 12 Mar 2019

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TOI reported that in a setback to engineering and construction firm Punj Lloyd, the National Company Law Tribunal has admitted an insolvency plea against the company filed by ICICI Bank. A two-member principal bench headed by president Justice M M Kumar has admitted the lender's plea to initiate insolvency proceedings against Punj Lloyd for a default of INR 853.83 crore.

Confirming the development, Punj Lloyd said in a regulatory filing that the company was waiting for the copy of the full order to provide further details.

Punj Lloyd said in the filing that "We hereby inform you that NCLT principal bench, New Delhi vide order pronounced on March 8, 2019, has admitted the petition filed by ICICI Bank under section 7 of the Insolvency and Bankruptcy Code, 2016 in respect of an alleged default amount of Rs 853.83 crore."

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Posted By : Rabi Wangkhem on Tue, 12 Mar 2019
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