Intelligence note
Admitted 8 Mar 2019 by the New Delhi bench on a petition by ICICI Bank Ltd. (a financial creditor). Liquidation ordered 27 May 2022, 1,176 days after admission (concluded-case median: 480 days). Admitted claims ₹13,389.61 Cr; asset sales brought ₹281.10 Cr. The professional in charge was replaced once.
On 12 Feb 2026 NCLT allowed the sale of the company as a going concern to Adani Infra (India) Limited for ₹281.10 Cr; the sale certificate is dated 10 Mar 2026. The liquidation itself has not yet closed.
On 12 Feb 2026 NCLT allowed the sale of the company as a going concern to Adani Infra (India) Limited for ₹281.10 Cr; the sale certificate is dated 10 Mar 2026. The liquidation itself has not yet closed.
Claims at a glance
FC 78%
OC 22%
Total admitted ₹19,580.39 Cr · as on 21 Nov 2025
Case details
CIN
L74899DL1988PLC033314
Incorporated
1988
Registered State
Delhi
NCLT Bench
New Delhi
Petition
(IB) No. 731(PB)-2018
Initiated by
FC — ICICI Bank Ltd.
Going-concern buyer
Adani Infra (India) Limited
Commencement
8 Mar 2019
Liquidation Order
27 May 2022
Admitted Claims
₹13,389.61 Cr
Sale Proceeds
₹281.10 Cr
NCLT New Delhi: median 522 days admission → verdict · 35% of concluded matters ended in plan approval (n=788, full record) · all benches →
The liquidation order
No resolution plan approved within the process — order under Section 33(1)
The resolution plan failed in e-voting concluded 30 Mar 2021; the CoC recommended going-concern sale and a simultaneous s.230 arrangement process.
Liquidator
Ashwini Mehra
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
ICICI Bank Limited · Section 7 · admitted 8 Mar 2019
Bench & coram
National Company Law Tribunal, Principal Bench, New Delhi
Ramalingam Sudhakar, President · Avinash K. Srivastava, Member, Technical
Ramalingam Sudhakar, President · Avinash K. Srivastava, Member, Technical
Claims received
₹20,462.78 Cr (1238 claims)
Claims admitted
₹13,386.34 Cr (1097 claims)
Debt as stated
₹13,386.34 Cr, the total of admitted claims.
Going concern
Liquidation of Punj Lloyd as a going concern is ordered, with permission to take steps under Sec 230 of the Companies Act, 2013.
Market test
13 potential resolution applicants received virtual data room access after Non-Disclosure Agreements; no Form G round count is stated.
Resolution plans that did not survive · 1
Consortium of Payard Investments Private Limited and Prudent ARC Limited · rejected by CoC ("for" 8.06%; "against" 79.53%; "Abstained from voting on the Resolution" 12.41%)
The plan of the consortium of Payard Investments Private Limited and Prudent ARC Limited (21 Jan 2021, with three addenda) failed in e-voting closed 30 Mar 2021: 8.06% for, 79.53% against, 12.41% abstained. The order records no other CoC reasons.
Key dates in the order · 12
8 Mar 2019 — CIRP admitted on ICICI Bank Limited's Section 7 application IB-731(PB)/2018
22 May 2019 — Ashwini Mehra appointed RP by order of the Tribunal
21 Jan 2021 — Consortium of Payard Investments Private Limited and Prudent ARC Limited submitted the final resolution plan
27 Jan 2021 — First addendum to the resolution plan submitted
31 Jan 2021 — Second addendum submitted
5 Feb 2021 — Third addendum submitted
16 Feb 2021 — Resolution plan put to vote at the CoC meeting
30 Mar 2021 — E-voting concluded; plan failed (8.06% for, 79.53% against, 12.41% abstained)
30 Mar 2021 — 27th CoC meeting recommended selling the company as a going concern under Regulation 32(e) with a Section 230 scheme
11 Apr 2022 — Indian Institute of Insolvency Professionals of ICAI issued the RP an AFA valid 11 Apr 2022 to 10 Apr 2023
27 May 2022 — Liquidation ordered as a going concern; Ashwini Mehra appointed liquidator
27 May 2022 — Fresh moratorium under Section 33(5) began
Later in the liquidation · 1 further order on record
27 May 2022
No resolution plan approved within the process — order under Section 33(1) — The RP applied under Section 33(1) after the plan failed at e-voting on 30 Mar 2021. The 27th CoC recommended first trying a going-concern sale, with a Section… read the order ↗
E-auction record
Reserves between ₹73.00 L and ₹281.10 Cr across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
7 Oct 2025
Reserve ₹21.60 Cr · Issue of Auction Notice · Sale of Plant & Machinery at RSRP site at Chhattisgarh · Chhattisgarh · noticed 10 Sep 2025 · EMD closed 4 Oct 2025 · notice PDF
7 Oct 2025
Reserve ₹73.00 L · Issue of Auction Notice · Sale of Land at Mehasana, Gujarat · Gujarat · noticed 10 Sep 2025 · EMD closed 4 Oct 2025 · notice PDF
7 Oct 2025
Reserve ₹9.20 Cr · Issue of Auction Notice · Sale of Land at Sidhudurg District, Maharashtra · Maharashtra · noticed 10 Sep 2025 · EMD closed 4 Oct 2025 · notice PDF
7 Oct 2025
Reserve ₹57.20 Cr · Issue of Auction Notice · Sale of Leasehold Land, Building and Plant & machinery at Malanpur, Madhya Pradesh · Madhya Pradesh · noticed 10 Sep 2025 · EMD closed 4 Oct 2025 · notice PDF
7 Oct 2025
Reserve ₹144.00 Cr · Issue of Auction Notice · Sale of Arbitration Assets of Punj Lloyd Limited · India and Abroad · noticed 10 Sep 2025 · EMD closed 4 Oct 2025 · notice PDF
6 Oct 2025
Reserve ₹281.10 Cr · Issue of Auction Notice · Sale of Punj Lloyd Limited as a whole (excluding certain assets as provided in the ‘ASPM’) · India and Abroad · noticed 10 Sep 2025 · EMD closed 3 Oct 2025 · notice PDF
4 Aug 2025
Reserve ₹24.00 Cr · Addendum · Sale of Plant & Machinery at RSRP site at Chhattisgarh · Chhattisgarh · noticed 23 Jul 2025 · EMD closed 1 Aug 2025 · notice PDF
4 Aug 2025
Reserve ₹81.00 L · Addendum · Sale of Land at Mehasana, Gujarat · Mehasana, Gujarat · noticed 23 Jul 2025 · EMD closed 1 Aug 2025 · notice PDF
Recent movement
27 May 2022
Liquidation order passed
No resolution plan approved — assets liquidated
EoI / Form-G detail
Plan submission by
8 Mar 2020
Evaluation matrix issued
29 Feb 2020
IBBI remark: “6-Evaluation Matrix Date Extended”
Dates as captured from IBBI on 30 Aug 2026
Form-G notices on record
IBBI lists 6 Form G notices for this company; its remarks mark 5 as date extensions.
| Form G | EoI last date | Final PRA list | Plans due | Remark | ||
|---|---|---|---|---|---|---|
| latest | 29 Feb 2020 | — | — | 8 Mar 2020 | “6-Evaluation Matrix Date Extended” | |
| 20 Feb 2020 | — | — | 8 Mar 2020 | “5-Date Extended” | ||
| 17 Aug 2019 | — | — | 24 Aug 2019 | “4- Date Extended” |
Show all 6 notices
| 14 Jul 2019 | — | — | 14 Aug 2019 | “3- Date Extended” | ||
| 29 Jun 2019 | — | — | 29 Jul 2019 | “2- Date Extended” | ||
| 21 Jun 2019 | — | — | 21 Jul 2019 |
Case timeline
◆ RP changed during process8 Mar 2019
CIRP commenced
Insolvency proceedings began · NCLT New Delhi
11 further events in between
27 May 2022
Liquidation order passed
No resolution plan approved — assets liquidated
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
26 Sep 1988
Authorised capital
₹100.00 Cr
Industry (MCA)
Business Services
ROC
ROC Delhi
Company status
Active
Registered address
Punj Lloyd HOUSE17-18 Nehru Place, New Delhi, Delhi, 110019, India
Claims filing history
Latest claims position · version 7, as on 21 Nov 2025, filed by Ashwini Mehra
| Creditor class (as IBBI lists it) | Claims | Claimed | Admitted | Admitted % |
|---|---|---|---|---|
| Secured financial creditors | 28 | ₹15,583.08 Cr | ₹14,399.12 Cr | 92% |
| Unsecured financial creditors | 11 | ₹906.52 Cr | ₹891.10 Cr | 98% |
| Operational creditors (Workmen) | 1 | ₹0.30 L | ₹0 | 0% |
| Operational creditors (Employees) | 79 | ₹6.13 Cr | ₹3.75 Cr | 61% |
| Operational creditors (Government Dues) | 20 | ₹1,875.27 Cr | ₹1,815.73 Cr | 97% |
| Operational creditors (other than Workmen, Employees and Government Dues) | 340 | ₹10,797.65 Cr | ₹2,470.69 Cr | 23% |
| Total | 479 | ₹29,168.64 Cr | ₹19,580.39 Cr | 67% |
Of ₹29,168.64 Cr claimed, ₹19,580.39 Cr stands admitted — 67 paise per ₹1 claimed. ₹5,140.06 Cr was not admitted. Classes with no claims are not shown.
Source: IBBI claims summary for this version · IBBI PDF ↓. Claims are revised as the process runs; this page shows the latest version only.
v7 · latest
as on 21 Nov 2025 · filed by Ashwini Mehra
v6
as on 28 Feb 2023 · filed by Ashwini Mehra
v5
as on 30 Nov 2022 · filed by Ashwini Mehra
v4
as on 2 Jul 2022 · filed by Ashwini Mehra
v3
as on 27 May 2022 · filed by Ashwini Mehra
Show all 7 versions
v2
as on 28 Dec 2021 · filed by Ashwini Mehra
v1
as on 1 Mar 2021 · filed by Ashwini Mehra
Committee of creditors
As certified in the liquidation order of 27 May 2022
| Creditor | Claim received | Admitted | Vote |
|---|---|---|---|
| Secured financial creditors (other than financial creditors belonging to any class of creditors) | ₹12,294.98 Cr (31 claims) | ₹11,574.31 Cr (31 claims) | |
| Unsecured flnancial creditors (other than financial creditors belonging to any class of creditors) | ₹779.56 Cr (12 claims) | ₹726.01 Cr (12 claims) | |
| Operational creditors (employees) | ₹18.16 Cr (255 claims) | ₹5.51 Cr (201 claims) | |
| Operational creditors (Government dues) | ₹727.08 Cr (17 claims) | ₹47.63 Cr (11 claims) | |
| Operational creditors (other than workmen and employees and government dues) | ₹6,639.72 Cr (912 claims) | ₹1,032.88 Cr (838 claims) | |
| Other creditors, if any, (other than financial creditors and operational creditors) | ₹3.29 Cr (11 claims) | ----- (4 claims) | |
| TOTAL | ₹20,462.78 Cr (1238 claims) | ₹13,386.34 Cr/ (1097 claims) |
Sources, basis and disclaimers → ·
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This case vs Construction & Infrastructure
Time to liquidation order1,176 days
typical for this sector 425 days
Size rank in sector#3 of 247
Key parties
IRP at commencement · replaced
Gaurav Gupta → · Mar 2019
Per IBBI's register of insolvency professionals, read 5 Oct 2026
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
ICICI Bank Ltd. FC
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