Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : This is furtherance to our earlier intimation dated February 12, 2026, regarding pronouncement of an oral order by Hon''ble National Company Law Tribunal,Principal Bench, New Delhi ("NCLT") on 12 February 2026 for allowing the application relating to approval of the acquisition plan submitted byAdani Infra (India) Limited ("AIIL") for acquisition of Punj Lloyd Limited ("PLL") on a going concern basis under the ongoing liquidation process. We are hereby ataching the copy of the order passed by Hon''ble NCLT dated February 12, 2026 (as downloaded from the website of the NCLT), wheereby the Hon''ble has allowed the application relating to approval of the acquisition plan submitted by AIIL for acquisition of PLL on a going concern basis under the ongoing liquidation process, in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 read with the IBBI (Liquidation Process) Regulations, 2016.
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Principal Bench in New Delhi, has approved the acquisition plan submitted by Adani Infra (India) Limited (AIIL) to acquire Punj Lloyd Limited (PLL) on a going concern basis under the ongoing liquidation process. AIIL was declared the successful bidder in October 2025 after a 14th round of e-auction, with a bid of Rs 281.10 crore for the company's main asset set. The acquisition is on a 'clean slate' basis, meaning most pre-acquisition liabilities of Punj Lloyd will be extinguished, and the new owner will start fresh. The order also directs that all stakeholders, including government authorities and utility providers, should not burden the company with past claims so it can continue as a going concern. Existing shareholders of Punj Lloyd will not benefit from this transaction as recovery, if any, follows the IBC waterfall under Section 53, which prioritises creditors over equity.
This effectively ends Punj Lloyd's old corporate identity, with existing equity likely getting nothing. The stock may see speculative trading interest, but for retail shareholders, the order largely confirms the loss of equity value already priced in during the years-long insolvency and liquidation process.