Intelligence note
Admitted to insolvency on 08 Mar 2019 by the New Delhi bench, on a petition by ICICI Bank Ltd. (a financial creditor). Liquidation was ordered on 27 May 2022, 1,176 days after admission (median for concluded cases: 484 days). Admitted claims stand at Rs 13,389.61 Cr. The professional in charge was replaced once.
Claims at a glance
FC 92%
OC 8%
Total admitted Rs 13,389.61 Cr · as on 21 Nov 2025
Case details
CIN
L74899DL1988PLC033314
Incorporated
1988
Registered State
Delhi
NCLT Bench
New Delhi
Petition
IA-2478(PB)- 2019, IA-4393-PB-2023 in (IB) No. 731(PB)-2018
Initiated by
FC — ICICI Bank Ltd.
Commencement
08 Mar 2019
Liquidation Order
27 May 2022
Admitted Claims
Rs 13,389.61 Cr
NCLT New Delhi: median 524 days admission → verdict · 36% of concluded matters ended in plan approval (n=780, full record) · all benches →
The liquidation order
No resolution plan approved within the process — order under Section 33(1)
RP's application under s.33(1) r/w Rule 11 NCLT Rules after the resolution plan was declared failed on the e-voting concluded 30.03.2021; the 27th CoC Meeting held on 30.03.2021 "recommended to first go for selling of CD as a going concern under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016" and suggested a scheme of arrangement under s.230 of the Companies Act, 2013 be run simultaneously in the interest of time (p.4-p.5)
Liquidator
Ashwini Mehra
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
Icici Bank Limited · Section 7 · admitted 08 Mar 2019
Bench & coram
National Company Law Tribunal, Principal Bench, New Delhi
SH. RAMALINGAM SUDHAKAR, HON'BLE PRESIDENT · SH. AVINASH K. SRIVASTAVA, HON'BLE MEMBER, TECHNICAL
SH. RAMALINGAM SUDHAKAR, HON'BLE PRESIDENT · SH. AVINASH K. SRIVASTAVA, HON'BLE MEMBER, TECHNICAL
Claims received
204,627,794,968/- (1238 claims)
Claims admitted
Rs 133,863,364,182 (1097 claims)
Debt as stated
Rs 133,863,364,182 (total admitted claims - see claims_totals)
CIRP-stage claims before the Resolution Professional, from the document filed under clause (ca) of sub-regulation (2) of Regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, comprising "summary of claims received and summary of claims admitted" (p.3). Prose at p.3 states "In total, there are 1097 claims amounting to Rs 133,863,364,182 which are admitted", which fixes the second column-pair of the table as ADMITTED and the first (1238 / 204,627,794,968/-) as RECEIVED. The per-category breakdown is carried in coc_composition, keyed by CATEGORY OF CREDITOR rather than by named creditor - the order prints no named-creditor CoC table. Amounts are as printed; only OCR whitespace inside numerals has been closed up. Row 6 prints 4 admitted claims against a dash ("-----") in the admitted-amount cell. Both printed column totals were re-summed and agree exactly with the six category rows (counts 31+12+201+11+838+4 = 1097; amounts 115,743,106,501+7,260,128,350+55,054,328+476,273,424+10,328,801,579 = 133,863,364,182).
Going concern
"The application is ALLOWED by ordering Liquidation of the corporate debtor, namely M/s Punj Lloyd 'as a going concern'" (p.6), with permission granted to the Applicant "for taking steps as per provisions of Sec 230 of the Companies Act, 2013 in addition to liquidate the Corporate Debtor as a going concern" (p.6). The RP had relied on NCLAT's decision in Company Appeal (AT) (Insolvency) 495 & 496 of 2018, Sekaran vs. Amit Gupta & Ors., and prayed that if the s.230 procedure does not fructify the Liquidator be permitted to liquidate the CD as a going concern under the Code.
Market test
No Form G round count stated. The RP issued a Request for Resolution Plan ('RFRP'); "Initially, 10 potential Resolution applicants expressed interest in the resolution process of the Corporate Debtor. This was followed by interest from three other potential resolution applicants (PRAs). Accordingly, these 13 potential resolution applicants were granted access to the virtual data room after executing the Non-Disclosure Agreement." (p.2)
Resolution plans that did not survive · 1
Consortium of Payard Investments Private Limited ("PIPL") and Prudent ARC Limited · rejected by CoC ("for" 8.06%; "against" 79.53%; "Abstained from voting on the Resolution" 12.41%)
"A final resolution plan was submitted by the consortium of Payard Investments Private Limited (\"PIPL\") and Prudent ARC Limited on 21.01.2021", amended by a first addendum on 27.01.2021, a second on 31.01.2021 and a third on 05.02.2021. The plan was put to vote in the CoC meeting held on 16.02.2021 and, after extensions on various dates upon requests made by members of CoC, e-voting under Regulation 25(5) of the CIRP Regulations concluded on 30.03.2021. "The voting percentage 'for' the resolution plan was '8.06%' and 'against' the plan was 79.53%, 'Abstained from voting on the Resolution' was 12.41%. Resultantly, the plan was declared as 'failed'." (p.4). The order records no reasons of the CoC beyond the failure to secure the requisite majority.
Dates the order recites · 11
08-03-2019CIRP admitted on ICICI Bank Limited's s.7 application IB-731(PB)/2018
22-05-2019Mr. Ashwini Mehra appointed Resolution Professional by order of the Tribunal
21-01-2021Final resolution plan submitted by the consortium of Payard Investments Private Limited and Prudent ARC Limited
27-01-2021First addendum to the resolution plan submitted
31-01-2021Second addendum to the resolution plan submitted
05-02-2021Third addendum to the resolution plan submitted
16-02-2021Resolution plan put to vote in the CoC meeting
30-03-2021E-voting concluded; plan declared "failed" (8.06% for, 79.53% against, 12.41% abstained)
30-03-202127th CoC Meeting recommended selling the CD as a going concern under Reg. 32(e) with a simultaneous s.230 scheme
11-04-2022AFA issued to the RP by the Indian Institute of Insolvency Professionals of ICAI, valid 11.04.2022 to 10.04.2023
27-05-2022Liquidation of Punj Lloyd ordered 'as a going concern'; Mr. Ashwini Mehra appointed liquidator; fresh moratorium u/s 33(5) commenced
Later in the liquidation · 1 further order on record
27 May 2022
No resolution plan approved within the process — order under Section 33(1) — RP's application under s.33(1) r/w Rule 11 NCLT Rules after the resolution plan was declared failed on the e-voting concluded 30.03.2021; the Twenty Seventh (2… read the order ↗
E-auction record
Reserves between Rs 73.00 L and Rs 281.10 Cr across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
07 Oct 2025
Reserve Rs 21.60 Cr · Issue of Auction Notice · Sale of Plant & Machinery at RSRP site at Chhattisgarh · Chhattisgarh · noticed 10 Sep 2025 · EMD closed 04 Oct 2025 · notice PDF
07 Oct 2025
Reserve Rs 73.00 L · Issue of Auction Notice · Sale of Land at Mehasana, Gujarat · Gujarat · noticed 10 Sep 2025 · EMD closed 04 Oct 2025 · notice PDF
07 Oct 2025
Reserve Rs 9.20 Cr · Issue of Auction Notice · Sale of Land at Sidhudurg District, Maharashtra · Maharashtra · noticed 10 Sep 2025 · EMD closed 04 Oct 2025 · notice PDF
07 Oct 2025
Reserve Rs 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 04 Oct 2025 · notice PDF
07 Oct 2025
Reserve Rs 144.00 Cr · Issue of Auction Notice · Sale of Arbitration Assets of Punj Lloyd Limited · India and Abroad · noticed 10 Sep 2025 · EMD closed 04 Oct 2025 · notice PDF
06 Oct 2025
Reserve Rs 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 03 Oct 2025 · notice PDF
04 Aug 2025
Reserve Rs 24.00 Cr · Addendum · noticed 23 Jul 2025 · EMD closed 01 Aug 2025 · notice PDF
04 Aug 2025
Reserve Rs 81.00 L · Addendum · noticed 23 Jul 2025 · EMD closed 01 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
08 Mar 2020
IBBI remark: 6-Evaluation Matrix Date Extended
Case timeline
08 Mar 2019
CIRP commenced
Insolvency proceedings began · NCLT New Delhi
10 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
Rs 100.00 Cr
Paid-up capital
data unavailable
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
v7 · latest
as on 21 Nov 2025 · filed by Mr. Ashwini Mehra
v6
as on 28 Feb 2023 · filed by Mr. Ashwini Mehra
v5
as on 30 Nov 2022 · filed by Mr. Ashwini Mehra
v4
as on 02 Jul 2022 · filed by Mr. Ashwini Mehra
v3
as on 27 May 2022 · filed by Mr. Ashwini Mehra
Show all 7 versions
v2
as on 28 Dec 2021 · filed by Mr. Ashwini Mehra
v1
as on 01 Mar 2021 · filed by Mr. Ashwini Mehra
Claims profile
Admitted claims by creditor class
FC 92%
OC 8%
CLASS
ADMITTED
Financial creditors
Rs 12,300.32 Cr
Operational creditors
Rs 1,089.29 Cr
Total
Rs 13,389.61 Cr
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) | 122,949,792,772 (31 claims) | 115,743,106,501 (31 claims) | |
| Unsecured flnancial creditors (other than financial creditors belonging to any class of creditors) | 7,795,553,741 (12 claims) | 7,260,128,350 (12 claims) | |
| Operational creditors (employees) | 181,607,262 (255 claims) | 55,054,328 (201 claims) | |
| Operational creditors (Government dues) | 7,270,800,928 (17 claims) | 476,273,424 (11 claims) | |
| Operational creditors (other than workmen and employees and government dues) | 66,397,185,066 (912 claims) | 10,328,801,579 (838 claims) | |
| Other creditors, if any, (other than financial creditors and operational creditors) | 32,855,199 (11 claims) | ----- (4 claims) | |
| TOTAL | 204,627,794,968/- (1238 claims) | 133,863,364,182/ (1097 claims) |
CIRP-stage claims before the Resolution Professional, from the document filed under clause (ca) of sub-regulation (2) of Regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, comprising "summary of claims received and summary of claims admitted" (p.3). Prose at p.3 states "In total, there are 1097 claims amounting to Rs 133,863,364,182 which are admitted", which fixes the second column-pair of the table as ADMITTED and the first (1238 / 204,627,794,968/-) as RECEIVED. The per-category breakdown is carried in coc_composition, keyed by CATEGORY OF CREDITOR rather than by named creditor - the order prints no named-creditor CoC table. Amounts are as printed; only OCR whitespace inside numerals has been closed up. Row 6 prints 4 admitted claims against a dash ("-----") in the admitted-amount cell. Both printed column totals were re-summed and agree exactly with the six category rows (counts 31+12+201+11+838+4 = 1097; amounts 115,743,106,501+7,260,128,350+55,054,328+476,273,424+10,328,801,579 = 133,863,364,182).
Sources, basis and disclaimers → ·
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This case vs Other Services
Time to liquidation order1,176 days
typical for this sector 417 days · median of 510
Size rank in sector#3 of 513
Key parties
Liquidator
3 IBBI mandates · 108.4% of liquidation value realised across concluded work
IRP at commencement · replaced
Gaurav Gupta → · Mar 2019
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
ICICI Bank Ltd. FC
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