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") ....
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Principal Bench, New Delhi, has approved the acquisition plan submitted by Adani Infra (India) Limited (AIIL) to acquire Punj Lloyd Ltd on a going concern basis as part of the ongoing liquidation process. Adani Infra emerged as the successful bidder in the 14th round of e-auction with a bid of Rs. 281.10 crore. The acquisition is on an 'as is where is' basis, with the NCLT confirming that past liabilities, claims, and statutory dues of Punj Lloyd will be extinguished under the clean slate principle (Section 32A of IBC). Adani Infra will get protection from prior offences and liabilities, and is at liberty to approach various statutory authorities for sector-specific reliefs and concessions to run the company as a going concern.
This effectively marks the conclusion of Punj Lloyd's drawn-out liquidation journey (CIRP admitted in 2019, liquidation ordered in 2022). For shareholders, this means the equity is likely to be fully wiped out as Adani acquires the company as a going concern with no mention of equity payout. The stock remains in liquidation with minimal residual value for existing shareholders.