Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : This is to inform you that in terms of Regulation 32 B of The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Nineteenth meeting of the Stakeholders Consultation Committee of Punj Lloyd Ltd. is scheduled to be held on Wednesday, April 23, 2025 at 01.00 P.M at Punj Lloyd Limited, Corporate Office, Plate No. 2, Second Floor, Tower No. 2, NBCC Plaza, Sector V, Pushp Vihar, Saket, New Delhi-110017 as well as through Audio and Visual mode, to discuss the way forward in the Liquidation sale process of the Company (including sale of the Company on a going concern basis) as the last round of e-auction for sale of the assets of the Company including sale of the company on a going concern basis has failed.
Awaiting price reaction for this filing.
Punj Lloyd Limited has informed the stock exchange that the 19th meeting of its Stakeholders Consultation Committee will be held on April 23, 2025, to discuss the next steps in the company's liquidation sale process. The company is already under the liquidation process under the Insolvency and Bankruptcy Code. Importantly, the last round of e-auction for selling the company's assets, including a possible sale of the company on a going concern basis, has failed to attract any successful bid. The meeting will deliberate on how to proceed after this failed auction attempt.
This is significantly negative for shareholders. With the final e-auction failing, the company is unlikely to be sold as a going concern, and liquidation value recoveries for shareholders (who are last in the priority after creditors) are expected to be minimal or zero.