International Finance Corporation moves insolvency plea against infrastructure firm Punj Lloyd at NCLT

IFC is seeking recovery of $30 million defaulted by Punj Lloyd.

Press Trust of India October 04, 2018 12:24:48 IST
International Finance Corporation moves insolvency plea against infrastructure firm Punj Lloyd at NCLT

New Delhi: International Finance Corporation (IFC) on Thursday moved an insolvency plea against infrastructure firm Punj Lloyd before the National Company Law Tribunal (NCLT).

International Finance Corporation moves insolvency plea against infrastructure firm Punj Lloyd at NCLT

Representational image. News18.

A two-member principal bench headed by President Justice M M Kumar has issued notices to Punj Lloyd and Punj Lloyd Upstream Ltd.

The tribunal has directed both the petitions to list on 9 October, when it would hear similar matter in which leading private sector lender ICICI Bank has filed insolvency plea against Punj Lloyd.

IFC is seeking recovery of $30 million defaulted by Punj Lloyd.

Earlier in June, ICICI Bank had approached NCLT to recover Rs 830 crore of outstanding loans to Punj Lloyd.

However, majority of its lender including SBI are against and had opposed ICICI's insolvency plea.

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