Punj Lloyd Limited - Updates

4 Jan 2022 , 12:00 AM

Punj Lloyd Limited has informed the Exchange regarding Sub: Compliance under SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019//140 dated November 21, 2019 Dear Sir/Madam, With reference to the provisions of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019//140 dated November 21, 2019, we would like to inform you that Hon ble National Company Law Tribunal (NCLT), Principal Bench, New Delhi vide Order dated March 8, 2019 has initiated Corporate Insolvency Resolution Process (CIRP) in Punj Lloyd Limited (the Company) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Ashwini Mehra has been appointed as Resolution Professional in the Company vide NCLT order dated May 22, 2019 and the Company is under Moratorium in terms of section 14 of IBC. Further, in the meeting of Committee of Creditors (CoC) held on March 30, 2021, Resolution Professional has informed that Resolution Plan which was put to E-vote under CIRP of the Company has not been approved by the CoC members. Accordingly, the Company is headed towards liquidation, and the CoC members have recommended liquidation of the Company as a going concern and simultaneously they will also consider a scheme of arrangement under Section 230 of Companies Act, 2013, if any is presented. Necessary application in this regard has already been filed with the NCLT. You are requested to take the same on records. .