Insolvency And Bankruptcy Code: Punj Lloyd Says ICICI Bank's Plea May Not be Admitted by NCLT. The insolvency petition was filed by ICICI Bank in June under Section 7 of the Insolvency and Bankruptcy Code (IBC) to recover ₹830 crore outstanding from the company. Punj Lloyd: Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors Value Research Subject: Disclosure under Regulation 30(2) read with Schedule III SEBI(LODR)Regulations 2015 - Post - facto Outcome of the Sixteenth Meeting of Committee of Creditors of Punj Lloyd Limited ICICI Bank's insolvency plea may not be admitted by NCLT: Punj Lloyd 14 Jun, 2018, 08.49 PM IST According to the company, 90 per cent of its lenders are supporting a resolution plan under the leadership of the State Bank of India (SBI) for restructuring the outstanding debts of the company. Download < Back: 17 Nov 2020 The tribunal has directed both the petitions to list on October 9, when it would hear a similar matter in which leading private sector lender ICICI Bank has filed insolvency plea against Punj Lloyd. Punj Lloyd has total debt of around Rs 6,000 crore, out of which Rs 854 crore is owed to ICICI Bank. The company, on May 29, 2019, requested for an extension of 60 days to report its financial results for the March quarter and FY19 amid the ongoing insolvency resolution process. Punj Lloyd was dragged to NCLT after the company failed to honour repayments on a ₹800 crore loan taken from ICICI Bank. A two-member principal bench headed by President Justice MM Kumar admitted the lender’s plea to initiate A consortium of lenders led by State Bank of India (SBI) has opposed the insolvency plea by ICICI Bank against infrastructure major Punj Lloyd for the outstanding debt of Rs 852 crore. Once a company is admitted by NCLT under insolvency regulations, the existing board is suspended and a committee of creditors is formed that appoints a resolution professional to run the company on their behalf. The share of Punj Lloyd… India.com Business Desk | June 15, 2018 10:24 AM IST. Punj Lloyd: Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors Value Research Subject: Disclosure under Regulation 30(2) read with Schedule III of SEBI(LODR) Regulations 2015 - Post - facto Outcome of the Twentieth Meeting of Committee of Creditors of Punj Lloyd Limited New Delhi: Engineering and construction firm Punj Lloyd expressed hope that the insolvency plea against the company by ICICI Bank would not be admitted by the National Company Law Tribunal (NCLT). Punj Lloyd Ltd. - Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP) | Updated on May 28, 2019 Published on May 28, 2019 SHARE PUNJ LLOYD LTD. - Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors. A two-member Principal Bench headed by President Justice M M Kumar has admitted the lender's plea to initiate insolvency proceedings against Punj Lloyd for a default of Rs 853.83 crore.