Punj Lloyd is currently facing the process of liquidation
The liquidator of debt-ridden engineering, procurement and construction company Punj Lloyd has approached the National Financial Reporting Authority (NFRA) against the auditors of the company for not cooperating to finalise the audited results of the company since FY19.
The Liquidator "had "filed a complaint with NFRA against the Statutory Auditors of the Company viz. BGJC & Associates LLP for non-cooperation in finalising the Audited Results of the Company since the Financial Year 2018 – 2019," the company said in a regulatory filing.
Punj Lloyd is currently facing the process of liquidation.
Last year in June, the National Company Law Tribunal (NCLT) directed to initiate liquidation of Punj Lloyd after the lenders of the company could not find a buyer and rejected the revival plan submitted by a consortium of Prudent ARC and Payard Investments.
Earlier in August, the liquidator failed to attract any buyer in the second round of e-auctions.
The second round of e-auction was conducted on the directions of the National Company Law Tribunal (NCLT) at a reserved price of Rs 1,061 crore on a going concern basis, according to a regulatory filing by the company secretary.
In July also, Punj Lloyd failed to get any buyer in the first round of e-auctions conducted by its liquidator.
A reserve price of Rs 1,061 crore was fixed for Punj Lloyd during the auction, on a going concern basis, but it did not attract any bidders. Following this, a second round of e-auction was conducted.
A corporate insolvency resolution process was initiated against Punj Lloyd on the plea of private sector lender ICICI Bank in 2019.