The National Company Law Tribunal allowed the liquidator in the Punj Lloyd case time till July 23 for the liquidation of the company.
The liquidator can file a fresh application after July 23 for seeking more time, the tribunal said.
The counsel appearing for the liquidator informed the tribunal that if the company could not be sold as a going concern due to differences in price discovery with the expectations of the shareholders’ consultative committee, the liquidator would attempt to sell Punj Lloyd in a piecemeal manner.
Punj Lloyd had issued an advertisement for an e-auction of the company as a going concern on July 10 at a reserve price of ₹1,061 crore, after approval from the shareholders consultative committee. However, the company failed to attract any bidders.
ICICI Bank had approached the NCLT in 2018 to initiate insolvency proceedings against the company after it defaulted on a ₹854 crore loan.
The NCLT ordered liquidation of Punj Lloyd on May 27, 2022, after lenders rejected a revival plan submitted by a consortium of Prudent Asset Reconstruction Company and Payard Investments.
