PUNJ LLOYD
IOB puts 92 bad loans worth Rs 13,000 crore on the block
The sale is the Chennai-based bank's attempt to explore other avenues for recovery when cases in the National Company Law Tribunal (NCLT) are delayed beyond any timeline, IOB executive director Joydeep Dutta Roy said.
Havells plans to expand overseas markets for Lloyd AC
The company has invested around Rs 400 crore so far in the first phase of its new manufacturing unit at Sri City in Andhra Pradesh, after which its capacity has gone over 2 million units per annum, Havells India Executive Director Yogesh Kumar Gupta said.
Does earnings growth justify investment in small & midcap stocks?
The monster rally in SMID indices has led to their outperformance in relation to the most watched benchmark indices - the Nifty and the BSE Sensex. The consequences are manifest in valuations that are considered stretched, if one is charitable, and downright unrealistic, if one is even remotely practical.
Punj Lloyd fails to attract any bidder in second round of e-auction
Debt-ridden engineering company Punj Lloyd has failed to attract any buyers in the second round of e-auctions conducted by its liquidator. The auction, conducted on the directions of the National Company Law Tribunal, had a reserved price of Rs 1,061 crore on a going concern basis. This comes after the company also failed to find buyers in the first round of e-auctions.
Punj Llyod fails to get bids in second auction
Punj Lloyd, a debt-ridden engineering company, has failed to receive bids in the second e-auction for its sale. The reserve price was deemed too high, and the sale price was inflated by intangible assets with uncertain realization timeframes. The liquidator, appointed by NCLT, will need to approach the shareholders' consultative committee to reconsider the reserve price.
NCLT grants Punj Lloyd liquidator extension till July 23 for dissolution
ICICI Bank had approached the NCLT in 2018 to initiate insolvency proceedings against Punj Lloyd after it defaulted on a ₹854 crore loan.
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Bankrupt Punj Lloyd fails to draw bidders
As a result, the liquidator of the insolvent engineering firm will have to approach the shareholders' consultative committee to reduce the reserve price, pegged at ₹1,061 crore, and then seek approval of the National Company Law Tribunal (NCLT), they said.
NCLT adjourns claim pleas against Punj Lloyd
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 12. Mitsubishi claims there was a 10-month delay in completion, and the corporate debtor had failed to conduct repairs either. The counsel cited examples of IOCL and GAIL for invocation of bank guarantee.
Adani’s acquisition of Air Works delayed
Adani group's proposed acquisition of maintenance, repair and overhaul (MRO) company Air Works has got delayed after a major shareholder in the target entity was forced into liquidation. Sources told ET that a Memorandum of Understanding (MoU) signed between Air Works and the Adani Group to close the deal has already expired twice, and the latest deadline was set in Q4 of FY23.
Adani Group makes ₹462cr offer for Air Works
The offer is subject to completion of satisfactory due diligence and could be revised upwards or downwards post the due diligence, according to the people cited earlier. A team from Adani's defence and aerospace division has been leading the discussions for the Air Works acquisition. One of the sources cited earlier said the due diligence was "progressing well".
RP seeks urgent NCLT hearing in Anil Ambani insolvency case
Jitender Kothari, an RP appointed by NCLT to look into the claims of State Bank of India against Ambani, approached the tribunal on Wednesday claiming that he had submitted his report on 31 May 2021 regarding his assessment of whether Ambani should undergo personal insolvency resolution process.
Punj Lloyd goes into liquidation as lenders reject bid
Originally, private sector lender ICICI Bank had approached the tribunal to admit the company under the Corporate Insolvency Resolution Process (CIRP) after the company defaulted on over ₹800 crore. On March 8, 2019, the tribunal admitted the plea.
Promoters willing to infuse funds into McNally Bharat: Srinivas Singh, managing director
McNally Bharat is among a long list of construction companies to face the prospect of bankruptcy. However, finding buyers for such companies has been difficult under the NCLT route. At least three such companies—Lanco Infratech, Punj Lloyd and IVRCL—have gone into liquidation after banks took them into insolvency proceedings.
Stocks in the news: NIIT, RIL, UCO Bank, Adani Enterprises, BPCL, Axis Bank and Vedanta
The government has cut price of natural gas by 11 per cent to $3.62 per mmBtu for difficult fields like the one operated by Reliance-BP.
Delhi HC restrains IOCL from invoking bank guarantee furnished by Punj Lloyd
“…till the expiry of the period of one week from the lifting of the lockdown, imposed by the central government consequent to an n-Covid-2019 pandemic, IOCL shall remain injuncted from encashing/invoking the aforesaid three bank guarantees,” the court said while dealing with one of two petitions filed by Ashwini Mehra, resolution professional of Punj Lloyd.
Prudent ARC, US-based fund join the race for Punj Lloyd
The two new contenders are yet to clear legal scrutiny for conformity with the bidding guidelines, according to the people. Bankers are said to be evaluating all three proposals.
Punj Lloyd founder seeks to reclaim company from bankruptcy
Punj Lloyd initially attracted interest from as many as 13 prospective bidders, according to people in the know. These included an arm of the Vedanta group and Welspun. None of them proceeded in making a formal financial bid for the company after carrying out due diligence.
Share market update: Coffee Day, Punj Lloyd among top losers on BSE
In the Nifty pack, 39 stocks were in the green, while 11 stocks were in the red.
Punj Lloyd wins Rs 54-crore arbitration in case vs ONGC
Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC. They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment.
Deadline extended for Punj Lloyd bids
Bidders were required to submit binding offers by August 14. 10 entities submitted expressions of interest.
Jet Airways shares extend fall to 10th straight session
The scrip has plunged around 40 per cent to Rs 44.05 on July 16 from Rs 73.20 on July 2.
ICC tribunal allows Punj Lloyd to fight Sirte case
The North African country was ravaged by civil war during the period, delaying construction.
Stocks in the news: IDBI Bank, Punj Lloyd, HUL, Lakshmi Vilas Bank and Jubilant FoodWorks
Meanwhile, Airtel named Nakul Sehgal as CFO, reporting to Sunil Bharti Mittal.
Punj Lloyd’s claim against ONGC dismissed
Punj Lloyd had approached the arbitration tribunal after ONGC refused to pay the company the agreed amount due to alleged delay in the execution of the project.
Buzzing stocks: YES Bank, TCS, RIL, Punj Lloyd, Unitech
The NSE Nifty index was trading 55.85 points up at 10,660.20 while the BSE Sensex was up 197.88 points at 35,550.49 around 09:16 am.
Punj Lloyd, Orient Press among top losers on BSE
In the Nifty pack, 28 stocks were trading in the green, while 21 stocks were in the red.
Punj Lloyd, Landmark Properties among top losers on BSE
In the Nifty pack, 12 stocks were trading in the green, while 38 stocks were in the red.
DLF, Punj Lloyd among top losers on BSE
In the Nifty pack, 2 stocks were trading in the green, while 48 stocks were in the red.
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