NCLT Gave Time Punj Lloyd to Settle Dues with ICICI Bank – Company Rallies 11% on NCLT Breather
Shares of Punj Lloyd rallied over 11 per cent after it was being reported that NCLT has given some breathing space to the company to settle dues with ICICI Bank and others.
The scrip jumped as much as 11.36 per cent to Rs 9.90 after the report.
It was reported that the NCLT will hear ICICI plea on Punj Lloyd insolvency on December 11.
The report further said Punj Lloyd would reach a settlement with lenders before the next hearing.
Punj Lloyd’s net loss has widened to Rs 1,465 crore for July-September of the current fiscal. The company had reported a net loss of Rs 248 crore in the same period last year.
Total income from operations declined to Rs 766.89 crore in the second quarter, from Rs 1,086 crore earlier.
The infrastructure company said there are delays and defaults in repayments of substantial dues to the lender. Its current liabilities exceeded its current assets and its net worth has also been eroded as of September 30.