Compliance under SEBI Circular No. SEBI/Ho?CFD/CMD1/CIR/P/2019/140 dated 21.11.2019
Awaiting price reaction for this filing.
Punj Lloyd Ltd has provided a routine compliance update to the stock exchanges regarding its ongoing liquidation status. The NCLT initiated Corporate Insolvency Resolution Process (CIRP) against the company on March 8, 2019 under Section 7 of the IBC, and the company has been under moratorium since then. The only resolution plan submitted failed to get the required approval, leading NCLT to pass a liquidation order on May 27, 2022. The company is being liquidated as a going concern, with Mr. Ashwini Mehra (the Resolution Professional) now acting as the Liquidator. NCLT has granted extensions of time for completing the liquidation, and the company confirms it cannot meet its loan repayment, interest, vendor, or government dues.
This is a procedural update with no new operational development — the company remains under liquidation, meaning shareholders are last in the priority list for any recovery. Equity investors should expect little to no value realization from the liquidation process.