Punj Lloyd arms move Singapore HC for arrangement with creditors

NEW DELHI: Punj Lloyd Pte Ltd and Sembawang Engineers and Constructors Pte Ltd, the Singapore subsidiaries of diversified group Punj Lloyd, have filed an application seeking approval from that country's High Court to enter into a scheme of arrangement with their respective creditors.

"To overcome the current short-term financial constraint on account of losses suffered in its projects, Punj Lloyd Pte Ltd (PLPL) and Sembawang Engineers and Constructors Pte Ltd (SEC), subsidiaries of Punj Lloyd Limited in Singapore, have filed an application seeking approval of the Singapore High Court...

"... to enter into a scheme of arrangement with their respective creditors pursuant to the applicable provisions of the Singapore Companies Act," Punj Lloyd Limited said in a filing to the BSE.

"On its approval, PLPL/SEC will get time to settle the outstanding obligations with its creditors. During this period, any legal proceedings filed by the creditors against PLPL/SEC or any actions there under shall be restrained forthwith. No fresh proceedings can be filed during the scheme period," it added.

Both PLPL and SEC have appointed Stone Forest Corporate Advisory Pte Ltd as their financial advisor and Rajah & Tann as legal advisor in this regard.