New Delhi: Punj Lloyd Limited (in liquidation) has taken key steps towards implementing its court-approved acquisition plan, executing definitive agreements to transfer select businesses to an Adani Group entity following approval from the National Company Law Tribunal (NCLT).
In a disclosure to stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, the company said it has entered into a Business Transfer Agreement (BTA) dated February 28, 2026 for the sale of its Defence Unit to Adani Defence Systems and Technologies Limited (ADSTL).
Additionally, Punj Lloyd Aviation Limited, a subsidiary of the corporate debtor, has executed a Share Purchase Agreement (SPA) for the sale of its stake in Air Works India (Engineering) Private Limited to ADSTL.
The transactions are part of the acquisition plan submitted by Adani Infra (India) Limited, the successful bidder, which was approved by the NCLT’s Principal Bench in New Delhi earlier this month. A meeting between the liquidator and the successful bidder was held on February 28 to discuss detailed implementation steps and necessary authorisations.
The development marks a significant milestone in the resolution of the debt-laden engineering and construction company, which has been undergoing liquidation proceedings. The sale of core assets, particularly in defence and aviation services, is expected to facilitate value realisation under the approved resolution framework.
The NCLT order had cleared the path for the acquisition plan, paving the way for the structured transfer of business verticals to the Adani Group’s defence arm.