The tribunal had disposed of the application seeking approval of the acquisition plan submitted by Adani Infra (India) Ltd for the purchase of Punj Lloyd on a going concern basis under the provisions of the Insolvency and Bankruptcy Board of India liquidation process framework.
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Following the payment, the successful bidder also executed undertakings to assume liability related to the underlying bank guarantees. These include liabilities to the extent of 10% of disputed bank guarantees and 25% of ongoing project bank guarantees, in line with the terms of the asset sale process memorandum.
The liquidator has issued the sale certificate dated March 10, 2026, for the transfer of the company on a going concern basis to Adani Infra (India) Ltd.
In March 2019, the Principal Bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company filed by ICICI Bank. At that time, Punj Lloyd had a total debt of around ₹6,000 crore, of which ICICI Bank had a debt of around ₹854 crore.
Other lenders like SBI had then opposed ICICI Bank’s Insolvency and Bankruptcy Code (IBC) plea against Punj Lloyd in 2018, arguing for debt restructuring over insolvency to protect ongoing projects and enable recovery.
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In June 2022, the NCLT had directed the initiation of the liquidation of Punj Lloyd after the lenders of the company could not find a buyer and rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments. Its liquidator failed to attract any buyer in the e-auctions conducted by them.
