Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : In continution of the announcement(s) dated February 12, 2026 & February 13, 2026 Further a meeting of the Liquidator with the successful bidder was conducted on February 28, 2026 wherein the detailed steps of implementation of the acquisition plan were discussed & auhtorisations for implementation of the acquisition plan were noted and the Corporate Debtor ( CD) has entered into a Business Transfer Agreement dated February 28, 2026 (BTA) for sale of (i)the Defence Unit of the CD to Adani Defence Systems and Technologies Ltd. (ADSTL) & (ii) Punj Lloyd Aviation Ltd. ( a subsidiary of CD) has entered into a Share Purchase Agreement on February 28, 2026 (SPA) for sale of shares of Air Works India ( Engineering) Pvt. Ltd. held by it to ADSTL in furtherance of implementation of the Acquisition plan and the NCLT order.
Awaiting price reaction for this filing.
Punj Lloyd Limited, currently in liquidation under the Corporate Insolvency Resolution Process (CIRP), has signed two key sale agreements on February 28, 2026, to implement the acquisition plan approved by the NCLT on February 12, 2026. Adani Infra (India) Limited is the successful bidder. Under a Business Transfer Agreement, the company's Defence Unit will be sold to Adani Defence Systems and Technologies Limited (ADSTL). Separately, subsidiary Punj Lloyd Aviation Limited has signed a Share Purchase Agreement to sell its stake in Air Works India (Engineering) Private Limited to ADSTL. These agreements are part of the formal execution phase following the NCLT's approval of the acquisition plan.
Shareholders face continued uncertainty as the company remains in liquidation with no equity value expected to flow back; the asset sale to the Adani group marks a step toward closing the insolvency process but is unlikely to benefit existing shareholders materially.