NCLT Approves Adani Infra's Acquisition of Punj Lloyd Limited on Going Concern Basis
NCLT approved Adani Infra's acquisition of Punj Lloyd Limited on a going concern basis. AIIL was the successful bidder in the 14th e-auction round, bidding ₹281.10 crore. The acquisition is effective from February 12, 2026, under the 'clean slate' principle, with past liabilities extinguished. AIIL will seek further reliefs from relevant authorities.
The acquisition of a company on a going concern basis, especially after liquidation proceedings, is a significant event with substantial implications for creditors, employees, and the overall business landscape. It represents a major corporate action.
The NCLT's approval of the acquisition plan signifies a positive development for Punj Lloyd Limited, marking a step towards resolution and potential revival under new management.
The National Company Law Tribunal (NCLT), Principal Bench, New Delhi, has approved the acquisition plan submitted by Adani Infra (India) Limited (AIIL) for Punj Lloyd Limited (PLL) on a going concern basis. This approval follows the oral order pronounced on February 12, 2026, and the subsequent order dated February 12, 2026, allowing AIIL's application.
Punj Lloyd Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on March 8, 2019, following an application by ICICI Bank Limited. The CIRP failed, leading to the approval of liquidation proceedings on May 27, 2022, with Mr. Ashwini Mehra appointed as the Liquidator.
AIIL emerged as the successful bidder in the 14th round of e-auction for Category A - Asset Set 1 (entire company on a going concern basis), with a reserve price of ₹281.10 crore. The company deposited an earnest money of ₹28.11 crore and submitted a bid of ₹281.10 crore. The acquisition is on an 'as is where is', 'as is what is', 'as is how is', 'whatever there is', and without recourse basis.
The NCLT order emphasizes the 'clean slate' principle as per Section 32A of the Insolvency and Bankruptcy Code, 2016. While the NCLT has approved the acquisition plan, it has clarified that specific reliefs and concessions sought by AIIL, which fall under the jurisdiction of various other statutory authorities, will need to be applied for and granted by those respective authorities. The NCLT noted that the liquidator has no objection to the application, provided the liquidator's duties remain within the purview of the Code. The order also references Supreme Court judgments like Ghanashyam Mishra & Sons and Committee of Creditors of Essar Steel India Limited to support the extinguishment of past liabilities upon approval of the acquisition plan.
What to do with a filing like this
Punj Lloyd Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Punj Lloyd Limited. Read the original for the full detail.