 "IFC moves insolvency plea against infra firm Punj Lloyd before NCLT")
International Finance Corporation (IFC) Thursday moved an insolvency plea against infrastructure firm Punj Lloyd before the National Company Law Tribunal (NCLT).
A two-member principal bench headed by President Justice M M Kumar has issued notices to Punj Lloyd and Punj Lloyd Upstream Ltd.
The tribunal has directed both the petitions to list on October 9, when it would hear similar matter in which leading private sector lender ICICI Bank has filed insolvency plea against Punj Lloyd.
IFC is seeking recovery of USD 30 million defaulted by Punj Lloyd.
Earlier in June, ICICI Bank had approached NCLT to recover Rs 830 crore of outstanding loans to Punj Lloyd.
However, majority of its lender including SBI are against and had opposed ICICI's insolvency plea.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app