NCLT admits ICICI Bank’s insolvency plea against Punj Loyd over Rs854cr default

Punj Loyad has total debt of ~Rs6,000cr, in which ICICI Bank had debt of ~Rs854cr.

Mar 11, 2019 08:03 IST India Infoline News Service

Punj Lloyd
Punj Loyd in its filing to the exchanges informed that the National Company’s Law Tribunal (NCLT) has admitted an insolvency plea against the company filed by ICICI Bank.

ICICI Bank had filed a petition against the company in respect of an alleged default amount of Rs854cr, the company said in a press note after markets hours to the exchanges on Friday.

"Further details will be provided on receipt of the Order," the company added. 

As per PTI report, Punj Loyad has total debt of ~Rs6,000cr, in which ICICI Bank had debt of ~Rs854cr.

Punj Lloyd Ltd's share price ended at Rs2.59, up by Rs0.12 or 4.86%, from its previous close of Rs2.47 on the BSE.

The scrip opened at Rs2.59 and touched a high and low of Rs2.59 and Rs2.59, respectively. A total of 2,68,359 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs86.92cr.

Meanwhile, ICICI Bank Ltd's share price ended at Rs370.15, down by Rs0.25 or 0.07%, from its previous close of Rs370.40 on the BSE.
The scrip opened at Rs370.40 and touched a high and low of Rs373.20 and Rs367.75, respectively. A total of, 1,81,40,027 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs2,38,508.24cr.

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