In order to overcome the current short term financial constraint on account of losses suffered in its projects, Punj Lloyd (PLPL) and Sembawang Engineers and Constructors (SEC) subsidiaries of Punj Lloyd in Singapore have filed an application seeking approval of the Singapore High Court to enter into a Scheme of Arrangement with their respective Creditors pursuant to the applicable provisions of the Singapore Companies Act. On its approval, PLPL / SEC will get time to settle the outstanding obligations with its creditors. During this period any legal proceedings filed by the creditors against PLPL/SEC or any actions there under shall be restrained forthwith. No fresh proceedings can be filed during the scheme period.
Both PLPL and SEC have appointed Stone Forest Corporate Advisory as their financial advisor and Rajah & Tann as legal advisor in this regard. PLPL/SEC shall be completely released and discharged from its liabilities/ obligation and all legal cases withdrawn upon the respective creditor receiving the full benefits entitled under the respective scheme.
Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.
