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Bankrupt Punj Lloyd fails to draw bidders
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Punj Lloyd has failed to secure any bids from potential acquirers, according to people familiar with the matter. 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.
The liquidator had issued an advertisement for the sale of the company as a going concern on June 5 and bidders had to submit an earnest money deposit of ₹10 crore by July 7. The e-auction was slated for July 10.
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