As a result, the liquidator of the insolvent engineering firm will have to approach the shareholders' consultative committee to reduce the reserve price, pegged at ₹1,061 crore, and then seek approval of the National Company Law Tribunal (NCLT), t...
Punj Lloyd has failed to secure any bids from potential acquirers, according to people familiar with the matter. As a result, the liquidator of the insolvent engineering firm will have to approach the shareholders' consultative committee to reduce the reserve price, pegged at ₹1,061 crore, and then seek approval of the National Company Law Tribunal (NCLT), they said.
The liquidator had issued an advertisement for the sale of the company as a going concern on June 5 and bidders had to submit an earnest money deposit of ₹10 crore by July 7. The e-auction was slated for July 10.
ET's queries emailed to the liquidator and the company remained unanswered till press time.
NCLT extends Punj Lloyd's liquidation by 6 months
