ICICI Bank drags Punj Lloyd to NCLT, initiates forensic audit against firm

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Private sector lender ICICI Bank has initiated forensic audit against Punj Lloyd, ET Now reported.

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.

Punj Lloyd’s shares fell more than 11 per cent intra day closing the day at Rs 14.85 as the news of ICICI Bank dragging the company to NCLT pulled the stock down.

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