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Informist, Thursday, Feb. 12, 2026

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal Thursday approved Adani Infra (India) Ltd.'s INR 2.81 billion acquisition plan for debt-ridden Punj Lloyd Ltd. as a whole on a going concern basis. Adani Infra, an Adani Group company, is at liberty to infuse funds into Punj Lloyd by any means necessary for smooth running of the business, the tribunal said.

 

Adani Infra has the right to deal with Punj Lloyd as it deems fit, in accordance with the law and as per the asset sale process memorandum, the tribunal said. It also allowed Adani Infra to delist Punj Lloyd from the exchanges, in accordance with the law, for smooth running of the business.

 

In 2019, the tribunal had admitted ICICI Bank's petition to start insolvency proceedings against Punj Lloyd. However, since the committee of creditors did not approve the resolution plan submitted by the only resolution applicant, it decided to liquidate Punj Lloyd. In 2022, the tribunal allowed initiation of liquidation proceedings against Punj Lloyd.

 

The sale was divided into different categories as envisaged in the asset sale process memorandum. The category in which Adani Infra was approved last year related to sale of the entire debt-ridden company on a going concern basis and moveable assets located in Oman, with a reserve price of INR 2.81 billion.

 

Punj Lloyd was a prominent Indian engineering, procurement, and construction conglomerate headquartered in Gurgaon, Haryana, and specialising in energy, infrastructure, and defence. The Centre had directed the Serious Fraud Investigation Office to probe Punj Lloyd's affairs in 2019. The probe aimed to examine alleged criminal dealings, financial mismanagement, and misconduct regarding lender interests. Thereafter, in 2022, the Centre had issued directions to the Serious Fraud Investigation Office to start a probe against the debt-ridden company's former promoter and director Atul Punj and his son under sections 241, 242, 246, and 339 of The Companies Act, 2013.

 

Thursday, shares of Adani Enterprises Ltd. ended 1% lower at INR 2,211.80 on the National Stock Exchange while shares of ICICI Bank ended 1.7% higher at INR 1,430.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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