Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : In terms of Regulation 30 of SEBI (LODR) Regulations, 2015 read with Schedule III and in furtherance of our Disclocure(s) dated February 12, 2026 & February 13, 2026 reg, Acquisition plan submitted for Acquisition of the Corporate Debtor by Adani Infra (India) Limited (AIIL/ Successful Bidder ) & as per order of the Hon''ble NCLT dated February 12, 2026 read with our disclosure date March 10, 2026 whereby we have intimated that the Liquidator has executed the sale certificate dated March 10, 2026 for the sale of the Company on going concern basis to the Successful Bidder, the Successful Bidder has proposed the appointment of Mr.Vipin Goel, Mr. Kattunga Srinivasa Rao & Mr. Rajeev Pal as "Additional Directors" of the Company w.e.f March 10, 2026. Further, pursuant to the Hon''ble NCLT order the discharge of office of the suspened Board of Directors of the Company comprising of Mr. Atul Punj was taken on record by the Liquidator. (detailed disclosure letter attached).
Awaiting price reaction for this filing.
Punj Lloyd Limited, which is in liquidation under the Insolvency and Bankruptcy Code, has been sold to Adani Infra (India) Limited (AIIL) on a going concern basis. The NCLT approved the acquisition plan on February 12, 2026, and the Liquidator executed the sale certificate on March 10, 2026. Following the sale, three Additional Directors have been appointed to the board w.e.f. March 10, 2026: Mr. Vipin Goel (CFO of AIIL), Mr. Kattunga Srinivasa Rao, and Mr. Rajeev Pal — all with Adani Group backgrounds in infrastructure and power. The office of the suspended board, comprising Mr. Atul Punj, has been formally discharged by the Liquidator, marking a complete change in management.
This effectively ends the long-running insolvency of Punj Lloyd and hands control to the Adani Group, which could re-rate the stock positively on the strength of the new promoter. Existing shareholders, however, have likely already faced deep value erosion during the insolvency process, and the resolution typically does not leave much value for old equity holders.