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NCLT nod for ICICI Bank plea to start insolvency process against Punj Lloyd

Punj Lloyd has total debt of around Rs 6,000 crore, in which ICICI Bank has debt of around Rs 854 crore

Press Trust of India  |  New Delhi 

Crude oil storage tanks by Punj Lloyd enter 'Malaysia Book of Records'

In a setback to engineering and construction firm Punj Lloyd, the (NCLT) has admitted an plea against the company filed by

A two-member Principal headed by Justice M M Kumar has admitted the lender's plea to initiate proceedings against for a default of Rs 853.83 crore.

Confirming the development, said in a regulatory filing that the company was waiting for the copy of the full order to provide further details.

"We hereby inform you that NCLT Principal Bench, vide order pronounced on March 8, 2019, has admitted the petition filed by under Section 7 of the and Bankruptcy Code, 2016 in respect of an alleged default amount of Rs 853.83 crore," said in the filing.

Last year in June, had filed an application before NCLT against Punj Lloyd alleging default by the company.

However, at that time, its other lenders including SBI opposed the insolvency plea, saying that the company has several ongoing projects and favoured restructuring of its debts.

Punj Lloyd has total debt of around Rs 6,000 crore, in which ICICI Bank has debt of around Rs 854 crore.

First Published: Fri, March 08 2019. 19:40 IST
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