PNC Infratech Limited has informed regarding Disclosure of material issue
PNCINFRA · price
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PNC Infratech Limited has disclosed an amicable settlement reached with Mr. Nakul Bharana, erstwhile/suspended Director of Gwalior Bypass Project Ltd (Corporate Debtor). The company had submitted a Resolution Plan under CIRP in 2020, which was approved by the Committee of Creditors but not by Hon'ble NCLT due to counter-applications filed by Mr. Bharana before NCLT and NCLAT. After nearly 6 years of protracted proceedings and keeping a performance bank guarantee of Rs. 29.51 Crores valid, the company decided not to pursue the matter further. As part of the settlement, PNC Infratech received Rs. 20.00 Crore as compensation for costs incurred and issued a No-Objection Certificate to Mr. Bharana on 7 April 2026.
The settlement provides a partial recovery of costs for the company but represents an unsuccessful outcome for the resolution plan. The company avoids further litigation costs but loses the opportunity to acquire the corporate debtor.