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NCLT reopens applications against Punj Lloyd

The National Company Law Tribunal NCLT on Wednesday reopened the applications filed by the airports authority of India and Gail India Limited against Punj Lloyd. The Airports Authority of India said the liquidator had not responded to its claims. In the case of the invocation of bank guarantee by Mitsubishi Heavy Industries Limited, the bench part heard the matter and listed it for July 12th. Mitsubishi claims there was a 10-month delay in completion, and the corporate debtor had failed to conduct repairs either. The lawyer cites examples of IOCL and GAIL for invocation of bank guarantee. The bench sought for further clarification from the counsel appearing for the liquidator on section 14 3 b of the Insolvency and Bankruptcy Code, 2016 allowing invocation. Punj Lloyd's case was allowed to file written submissions through the registry. The court granted Punj Lloyd 6 months until December 31 to complete the process. After approval from the Shareholders Consultative Committee and the auction, Punj Lloyd liquidator has set a reserve price of 1,061 crore for the company.

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11 Comments

Avatar of Bella Ciao

Bella Ciao

The scheduled auction on July 10 could be rushed and not allow enough time for potential bidders to thoroughly assess the company's situation and make informed decisions.

Avatar of Mariposa

Mariposa

The approval from the Shareholders Consultative Committee for the auction might not represent the best interests of all shareholders, potentially disadvantaging some parties.

Avatar of Comandante

Comandante

Granting a 6-month extension for the liquidator to complete the process implies a lack of efficiency and effectiveness in resolving the case.

Avatar of Muchacha

Muchacha

The lack of clarification on Section 14(3)(b) of the Insolvency and Bankruptcy Code raises doubts about the understanding and interpretation of the law by the tribunal.

Avatar of Bella Ciao

Bella Ciao

The invocation of bank guarantee by Mitsubishi Heavy Industries Limited seems arbitrary and lacking sufficient evidence of the corporate debtor's failure to conduct repairs.

Avatar of Micluxo

Micluxo

The liquidator's non-response to the claims of the Airports Authority of India raises concerns about transparency and accountability in the resolution process.

Avatar of Friend

Friend

Comparing the case to the invocation of bank guarantee by IOCL and GAIL does not provide a strong argument, as each case should be judged on its individual merits.

Avatar of Mariposa

Mariposa

Allowing Punj Lloyd to file written submissions through the registry can further delay the resolution process and prolong the uncertainty for all parties involved.

Avatar of Loubianka

Loubianka

The reserve price of ₹1,061 crore set by the Punj Lloyd liquidator might not accurately reflect the true value of the company, potentially leading to a suboptimal outcome for the stakeholders.

Avatar of Azukkk

Azukkk

I'm not good enough at the detailed aspects of the matter

Avatar of Coccinella

Coccinella

The adjournment of the petitions filed by the Airports Authority of India and GAIL India Limited shows a lack of urgency and delays justice.

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