Corporate

Ahead of Dec 20 NCLT hearing, pact with lenders eludes Punj Lloyd

Diversified infrastructure and engineering conglomerate Punj Lloyd has not been able to achieve any settlement with its lenders ahead of the hearing of its case by the National Company Law Tribunal (NCLT). The matter has been listed for arguments for December 20 The insolvency petition was filed by ICICI Bank in June under Section 7 of the Insolvency and Bankruptcy Code (IBC) to recover ₹830 crore outstanding from the company. Some lenders, including SBI, had opposed the move of ICICI Bank. In October, International Finance Corporation (IFC) also moved NCLT to recover dues worth around $30 million. Despite various opportunities granted, and the last opportunity granted on 13.11.2018, the respondent has adopted a casual attitude citing one excuse or the other. It appears to us that the respondent — corporate debtor — has misused the repeated concessions given to them to file a reply and the reply is now filed, which is delayed by two weeks, the order said.

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