The liquidation saga of engineering major Punj Lloyd Limited, once a powerhouse in the EPC sector, continues to be characterized by a prolonged and complex asset sale process. The company’s journey under the Insolvency and Bankruptcy Code (IBC) has seen repeated failures to find a buyer for the entire entity as a ‘going concern,’ contrasting with a gradual, successful piecemeal auctioning of its individual assets.
The unsuccessful bid to sell a ‘Going Concern’
The company, which was ordered into liquidation by the National Company Law Tribunal (NCLT) in May 2022, was initially directed to be sold as a ‘going concern’ to preserve its business operations and employee base. However, this primary objective has…