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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

NCLT, Insolvency, IBC

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.