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What is the story about?
Once considered one of the country's largest infrastructure companies, the company has now taken a completely new turn. Shares of the company, valued at approximately ₹6,000 crore, once traded above ₹600, but the situation deteriorated to a low of around ₹2.
The company has now informed the exchange about who has finally acquired it during the liquidation process. This decision is considered crucial not only for the company but also for thousands of employees and investors.
A well-known EPC company in the country is once again in the headlines. The reason is that the National Company Law Tribunal has approved the sale of the company as a "going concern."
According to information provided to (click on the link to find the full details posted on the exchange), the Principal Bench of the National Company Law Tribunal, New Delhi, has approved the plan to acquire Punj Lloyd as a company during the liquidation process.
This approval has been granted to Adani Infra (India) Limited. This order of the tribunal was passed on February 12, 2026. The information appeared on the exchange on February 13.
According to the document, this entire matter relates to the insolvency petition filed by ICICI Bank.
A CIRP was initially initiated against the company, but the resolution plan failed. Following this, Punj Lloyd was sent into liquidation.
During the liquidation, several e-auctions were conducted. Finally, Adani Infra (India) Limited submitted a bid to acquire the company, which has now been approved by the tribunal.
The NCLT clearly stated in its order that the acquisition will be based on an "as is, where is" and "as is, what is" basis.
Also Read: Glenmark Pharma guides for 23% core margins in FY27
That is, the company will be acquired in its current condition. Old liabilities, legal risks, and other obligations will be resolved according to the legal process.
The tribunal also clarified that after the acquisition, Punj Lloyd will be allowed to continue as a "going concern."
The company's past claims, disputes, and liabilities will not automatically expire but will be considered in accordance with the rules set out under the IBC. Therefore, this cannot be considered a completely clean slate entry.
How did Punj Lloyd reach the brink of collapse?
Punj Lloyd's business was based on infrastructure, energy, defense, and highway projects. The company executed major projects such as roads, highways, pipelines, power plants, nuclear, and gas pipelines.
But the biggest problem was its massive debt. In 2019, the company had a debt of approximately ₹6,000 crore. The outstanding debt of approximately ₹854 crore to ICICI Bank alone proved sufficient to initiate insolvency proceedings.
Furthermore, delays in several major projects, cost overruns, non-payments from clients, and losses from overseas projects in the Middle East continued to weigh on the company. Subsequently, COVID-19 and the global recession dealt a further blow to the EPC sector.
As a result, in 2019, the NCLT initiated a CIRP against the company. In the absence of a resolution plan, liquidation was ordered in June 2022.
Why are shares not trading?
The company clarified to the exchange that under the IBC, when a company is in CIRP or liquidation, its equity trading is suspended.
For this reason, Punj Lloyd shares are currently suspended on both the National Stock Exchange of India and BSE Limited.
The company also reported that Adani Infra has received approval for delisting. This means that shareholders may be paid based on the liquidation value in the future.
In summary, Punj Lloyd, once one of the country's largest EPC companies, has been mired in insolvency since 2019 due to heavy debt, project failures, and weak cash flow. Now, with the acquisition by Adani Infra, the path to revival is open. This is being seen as a fresh start for employees and other stakeholders.
The company has now informed the exchange about who has finally acquired it during the liquidation process. This decision is considered crucial not only for the company but also for thousands of employees and investors.
A well-known EPC company in the country is once again in the headlines. The reason is that the National Company Law Tribunal has approved the sale of the company as a "going concern."
According to information provided to (click on the link to find the full details posted on the exchange), the Principal Bench of the National Company Law Tribunal, New Delhi, has approved the plan to acquire Punj Lloyd as a company during the liquidation process.
This approval has been granted to Adani Infra (India) Limited. This order of the tribunal was passed on February 12, 2026. The information appeared on the exchange on February 13.
According to the document, this entire matter relates to the insolvency petition filed by ICICI Bank.
A CIRP was initially initiated against the company, but the resolution plan failed. Following this, Punj Lloyd was sent into liquidation.
During the liquidation, several e-auctions were conducted. Finally, Adani Infra (India) Limited submitted a bid to acquire the company, which has now been approved by the tribunal.
The NCLT clearly stated in its order that the acquisition will be based on an "as is, where is" and "as is, what is" basis.
Also Read: Glenmark Pharma guides for 23% core margins in FY27
That is, the company will be acquired in its current condition. Old liabilities, legal risks, and other obligations will be resolved according to the legal process.
The tribunal also clarified that after the acquisition, Punj Lloyd will be allowed to continue as a "going concern."
The company's past claims, disputes, and liabilities will not automatically expire but will be considered in accordance with the rules set out under the IBC. Therefore, this cannot be considered a completely clean slate entry.
How did Punj Lloyd reach the brink of collapse?
Punj Lloyd's business was based on infrastructure, energy, defense, and highway projects. The company executed major projects such as roads, highways, pipelines, power plants, nuclear, and gas pipelines.
But the biggest problem was its massive debt. In 2019, the company had a debt of approximately ₹6,000 crore. The outstanding debt of approximately ₹854 crore to ICICI Bank alone proved sufficient to initiate insolvency proceedings.
Furthermore, delays in several major projects, cost overruns, non-payments from clients, and losses from overseas projects in the Middle East continued to weigh on the company. Subsequently, COVID-19 and the global recession dealt a further blow to the EPC sector.
As a result, in 2019, the NCLT initiated a CIRP against the company. In the absence of a resolution plan, liquidation was ordered in June 2022.
Why are shares not trading?
The company clarified to the exchange that under the IBC, when a company is in CIRP or liquidation, its equity trading is suspended.
For this reason, Punj Lloyd shares are currently suspended on both the National Stock Exchange of India and BSE Limited.
The company also reported that Adani Infra has received approval for delisting. This means that shareholders may be paid based on the liquidation value in the future.
In summary, Punj Lloyd, once one of the country's largest EPC companies, has been mired in insolvency since 2019 due to heavy debt, project failures, and weak cash flow. Now, with the acquisition by Adani Infra, the path to revival is open. This is being seen as a fresh start for employees and other stakeholders.
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