The National Company Law Tribunal (NCLT) adjourned the petitions filed by the Airports Authority of India and Gail India Limited against Punj Lloyd to August 23. Airports Authority of India said that the liquidator had not responded to its claims.
In the case of the invocation of bank guarantee by Mitsubishi Heavy Industries Limited, the bench part heard the matter and listed it for July 12. Mitsubishi claims there was a 10-month delay in completion, and the corporate debtor had failed to conduct repairs either. The counsel cited examples of IOCL and GAIL for invocation of bank guarantee.
The bench asked for further clarification from the counsel appearing for the liquidator on Section 14(3)(b) of the Insolvency and Bankruptcy Code, 2016, allowing invocation. The bench allowed Punj Lloyd to file written submissions through the registry.
Last month, the court granted 6 months till December 31 to the liquidator of Punj Lloyd to complete the process. Punj Lloyd liquidator has set a reserve price of ₹1,061 crore for the company, after approval from the Shareholders Consultative Committee and the auction is to take place on July 10.
Source: Economic Times