No takers for debt-laden Punj Lloyd
Debt-ridden engineering, procurement and construction (EPC) company Punj Lloyd, which is facing liquidation, failed to get any buyer in the first round of e-auctions conducted by its liquidator.
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New Delhi Debt-ridden engineering, procurement and construction (EPC) company Punj Lloyd, which is facing liquidation, failed to get any buyer in the first round of e-auctions conducted by its liquidator.
A reserve price of Rs1,061 crore was fixed for Punj Lloyd during the auction, on a going concern basis, but it did not attract any bidder. Last year in June, the National Company Law Tribunal (NCLT) directed the initiation of liquidation of Punj Lloyd after its lenders could not find a buyer and rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments.
A meeting of the stakeholders’ consultation committee (SCC) of Punj Lloyd Ltd was held on July 11, 2023, during which the liquidator informed about the developments and the outcome of the auction process, according to regulatory updates.
