Punj Lloyd ICICI Bank NCLT: ICICI Bank drags Punj Lloyd to NCLT, initiates forensic audit against firm – The Economic Times–15.06.2018

The bank has appointed TR Chadha of Chadha & Co as forensic auditor for Punj Lloyd.

The move comes after the bank dragged the company to the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company under the Insolvency and Bankruptcy Code.

The company owes Rs 825 crore to ICICI Bank.

According to reports in the media, the State Bank of India opposed the initiation of bankruptcy proceedings against the firm on the grounds that under new norms issued by the RBI, the mandatory period of 180 days for resolving the debt issue is still not over.

 

via Punj Lloyd ICICI Bank NCLT: ICICI Bank drags Punj Lloyd to NCLT, initiates forensic audit against firm – The Economic Times

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