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ICICI Bank's insolvency plea may not be admitted by NCLT: Punj Lloyd

Press Trust of India  |  New Delhi 

Engineering and construction firm today expressed hope that the plea against the company by would not be admitted by the (NCLT).

According to the company, 90 per cent of its lenders are supporting a resolution plan under the leadership of the of India (SBI) for restructuring the outstanding debts of the company.

During NCLT proceedings today, for SBI challenged the maintainability of ICICI Bank's plea filed under and Code (IBC) to initiate proceedings against the company, said in a regulatory filing.

"In view of the above, the company is of the view that the application filed by may not be admitted by the NCLT, since more than 90 per cent of the lenders of the company are in favour of restructuring the debts," said

In a meeting of the lenders of the company held on June 13, 2018, more than 90 per cent of the lenders have agreed for restructuring its outstanding debts of the company, it added.

"It was also decided that SBI, on behalf of all lenders, shall oppose ICICI application at NCLT," the filing informed.

ICICI Bank's plea was heard today by the principal bench of NCLT headed by Justice M M Kumar, which issued notices to Punj Lloyd and SBI.

The two-member bench has directed to list the matter on July 24 for next hearing.

However, during the proceedings, another consortium of lenders led by State Bank of India, opposed the insolvency application filed by

According to them, Punj Lloyd's asset base covers only 5 per cent of the total debtand a full recovery of their outstanding dues is possible only if the company is allowed to complete the 28 ongoing projects.

Punj Lloyd has total debt of around Rs 6,000 crore, in which ICICI bank claims are around Rs 850 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 19:55 IST