ICICI Bank has moved the National Company Law Tribunal (NCLT) for recovery of outstanding dues of about ₹852 crore from Punj Lloyd.
The NCLT will hear the response of Punj Lloyd and State Bank of India on the insolvency plea filed by ICICI Bank on July 24.
“We would like to inform you that ICICI has filed an application before the NCLT under Section 7 of the Insolvency and Bankruptcy Code,” Punj Lloyd said in a regulatory filing on Thursday. The issue was listed for hearing before the NCLT on Thursday and the counsels of the company and SBI have challenged its maintainability.
“The SBI Counsel apprised the NCLT that more than 90 per cent of the lenders are in favour of restructuring,” Punj Lloyd said, adding that it is of the view that the application filed by ICICI Bank should not be admitted by NCLT.
SBI is the leader of the lenders’ forum.
The issue was also taken up at a meeting of the lenders of the company on Wednesday. Over 90 per cent of the lenders have agreed to support a resolution plan under the leadership of SBI for restructuring the outstanding debts of the company.
It was also decided that SBI, on behalf of all the lenders, would oppose the application by ICICI Bank at the NCLT, Punj Lloyd further said in the filing.
The BSE has also sought a clarification from ICICI Bank on the issue.
The ICICI Bank scrip closed 2.11 per cent down at ₹284.65 apiece on the BSE. Shares of Punj Lloyd also fell 11.08 per cent to closed at ₹14.85.