Punj Lloyd held under liquidation by tribunal due to rejected bid

13 Jun 2022 CW Team

Atul Punj-promoted, Punj Lloyd, was upheld by a dedicated bankruptcy court for liquidation after its lenders rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments.

The company has admitted liability of over Rs 13,380 crore. The court approves Ashwini Mehra, the company's resolution professional (RP), as the liquidator for the engineering, procurement and construction (EPC) company.

The National Company Law Tribunal (NCLT) directed the liquidator to submit the primary report within 75 days from the liquidation commencement date. The voting percentage for the resolution plan was 8.06%, against 79.53%, and abstaining from voting on the resolution was 12.41%. However, the plan failed.

ICICI Bank had approached the tribunal to admit the company under the Corporate Insolvency Resolution Process (CIRP) after the company defaulted on over Rs 800 crore.

While admitting the company for liquidation, the RP of the company also sought the tribunal's directions for liquidating because there were several ongoing EPC projects with around 3,000 employees on its roll within the company.

The RP had first invited bids from potential buyers, and about 13 potential bidders had expressed interest in acquiring the company through the resolution process. A consortium of Payard Investments and Prudent ARC submitted the final resolution plan.

Associate partner at Dhir & Dhir Associates, Ashish Pyasi, said that the assets, which an EPC company will have, generally would mean its ongoing projects. Till the company reaches the stage when it must be sold as a going concern, most of the projects are either gone or over.

Pyasi said that with so many cases of EPC companies which have gone into liquidation, finding a resolution applicant or buyer for an EPC company is difficult. In liquidation, challenges are multi-fold. The benefit of this is that buyers do not have to go through the process of plan approval.

Image Source

Also read: Liquidator of EPC Constructions to initiate arbitration against IOCL

Atul Punj-promoted, Punj Lloyd, was upheld by a dedicated bankruptcy court for liquidation after its lenders rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments. The company has admitted liability of over Rs 13,380 crore. The court approves Ashwini Mehra, the company's resolution professional (RP), as the liquidator for the engineering, procurement and construction (EPC) company. The National Company Law Tribunal (NCLT) directed the liquidator to submit the primary report within 75 days from the liquidation commencement date. The voting percentage for the resolution plan was 8.06%, against 79.53%, and abstaining from voting on the resolution was 12.41%. However, the plan failed. ICICI Bank had approached the tribunal to admit the company under the Corporate Insolvency Resolution Process (CIRP) after the company defaulted on over Rs 800 crore. While admitting the company for liquidation, the RP of the company also sought the tribunal's directions for liquidating because there were several ongoing EPC projects with around 3,000 employees on its roll within the company. The RP had first invited bids from potential buyers, and about 13 potential bidders had expressed interest in acquiring the company through the resolution process. A consortium of Payard Investments and Prudent ARC submitted the final resolution plan. Associate partner at Dhir & Dhir Associates, Ashish Pyasi, said that the assets, which an EPC company will have, generally would mean its ongoing projects. Till the company reaches the stage when it must be sold as a going concern, most of the projects are either gone or over. Pyasi said that with so many cases of EPC companies which have gone into liquidation, finding a resolution applicant or buyer for an EPC company is difficult. In liquidation, challenges are multi-fold. The benefit of this is that buyers do not have to go through the process of plan approval. Image Source Also read: Liquidator of EPC Constructions to initiate arbitration against IOCL

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..