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IFC moves insolvency plea against infra firm Punj Lloyd before NCLT

IFC is seeking recovery of USD 30 million defaulted by Punj Lloyd

Press Trust of India  |  New Delhi 

NCLT, Insolvency, IBC

International Corporation (IFC) Thursday moved an plea against infrastructure firm before the (NCLT).

A two-member principal bench headed by Justice M M Kumar has issued notices to and 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 has filed plea against Punj Lloyd.

is seeking recovery of USD 30 million defaulted by Punj Lloyd.

Earlier in June, had approached 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 plea.

First Published: Thu, October 04 2018. 12:00 IST
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