ICICI Bank drags Punj Lloyd to NCLT, State Bank of India objects

ICICI Bank has filed a case against Punj Lloyd, the international engineering procurement and construction company, in the National Company Law Tribunal (NCLT), New Delhi, for insolvency and bankruptcy proceedings.

The division bench headed by Justice M M Kumar has issued a notice to Punj Lloyd, saying the lender has moved the tribunal under the Insolvency and Bankruptcy Code (IBC). 

ICICI Bank has filed the case against Punj Lloyd to recover dues of Rs 8.52 billion. However, the petition seeking initiation of insolvency proceeding against the corporate debtor was opposed by State Bank of India (SBI). 

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