Punj Lloyd provides update on ongoing NCLT liquidation

Punj Lloyd said the National Company Law Tribunal began insolvency proceedings on March 8, 2019 and appointed a resolution professional on May 22, 2019. The company could not repay loan interest or principal and owed vendors and government agencies. Its only resolution plan failed to gain approval, so the tribunal ordered liquidation on May 27, 2022. Liquidation continues while the business operates, with time extensions granted.