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Corporate Insolvency Resolution Process : As your good self was already aware that Punj Lloyd Limited ("the…
As filed · Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : As your good self was already aware that Punj Lloyd Limited ("the Company") is undergoing liquidation on a
DistressDeterioratingCriticalmateriality 99 out of 100
What happened
FactPunj Lloyd Limited is currently undergoing a liquidation process as per an order from the National Company Law Tribunal dated 27th May 2022. The powers of the Board of Directors and Key Managerial Personnel have ceased and are now vested with the Liquidator. The company intends to consider its audited financial results for the financial year ended 31st March 2019.
Why it matters
CapitSignal interpretationOnce an insolvency process is admitted, control of the company passes from the board to a resolution professional and equity ranks last in any recovery.
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Fact- Admission or rejection of the application by the tribunal
- Appointment of a resolution professional
- Claims admitted against the company
Evidence
How CapitSignal classified this
- Reasoning:
- INSOLVENCY base 93; +6 corroborating keywords; explicit insolvency/default evidence present; matched on subject
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 90%