Debt-ridden engineering, procurement and development firm Punj Lloyd, which is dealing with liquidation, has once more failed to draw any purchaser within the second spherical of e-auctions carried out by its liquidator.
The second spherical of e-auction was carried out on the instructions of the Nationwide Firm Regulation Tribunal (NCLT) at a reserved value of Rs 1,061 crore on a going concern foundation, based on a regulatory submitting by the corporate secretary.
“…e-auction discover dated July 24, 2023 made pursuant to Asset Sale Course of Memorandum (ASPM) for the second e-auction- Punj Lloyd Ltd (in liquidation), saying the sale of Punj Lloyd Ltd on the Reserve Worth of Rs 1,061 crore ongoing concern foundation present process liquidation pursuant to order dated Could 27, 2022 of NCLT, New Delhi, Principal Bench, has failed to draw any bidder,” the submitting mentioned.
In July, Punj Lloyd had did not get any purchaser within the first spherical of e-auctions carried out by its liquidator.
A reserve value of Rs 1,061 crore was mounted for Punj Lloyd in the course of the public sale, on a going concern foundation, however it didn’t entice any bidders. Following this, a second spherical of e-auction was carried out.
Final 12 months in June, the NCLT directed the initiation of liquidation of Punj Lloyd after its lenders couldn’t discover a purchaser and rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments.
A company insolvency decision course of was initiated in opposition to Punj Lloyd on the plea of personal sector lender ICICI Financial institution in 2019.
(Solely the headline and film of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Aug 29 2023 | 3:48 PM IST
