A major development has taken place in the corporate restructuring of Punj Lloyd Limited, as the company has announced significant changes to its board of directors following the approval of its acquisition plan by the National Company Law Tribunal (NCLT).

The announcement marks an important milestone in the Punj Lloyd liquidation process update, as the infrastructure company moves toward a new phase of management under the ownership of Adani Infra (India) Limited. The development comes after the NCLT approved the acquisition proposal submitted by Adani Infra during the liquidation proceedings of the company.

This corporate development forms a crucial part of the Punj Lloyd acquisition by Adani Infra news, highlighting how distressed infrastructure companies are being revived through strategic acquisitions by large industry players.

NCLT Approval for Acquisition Plan

The National Company Law Tribunal (NCLT), Principal Bench, New Delhi, allowed the acquisition plan submitted by Adani Infra (India) Limited, which emerged as the successful bidder for the company.

The approval followed earlier disclosures made by the company on February 12, 2026 and February 13, 2026, which informed stock exchanges about the acquisition plan and the tribunal’s order related to the liquidation process.

Subsequently, on March 10, 2026, the company confirmed that the Liquidator executed the sale certificate for the sale of Punj Lloyd as a going concern to the successful bidder.

This step represents a major development in the Adani Infra Punj Lloyd takeover update, as the company now moves forward under the control of the new management structure proposed by the acquiring entity.

The acquisition is considered significant for the India infrastructure sector corporate developments, as Punj Lloyd was once a major engineering and construction company involved in large-scale infrastructure projects.

Appointment of New Directors

Following the approval of the acquisition plan, Adani Infra (India) Limited proposed the appointment of three new directors to the board of Punj Lloyd.

The following individuals have been appointed as Additional Directors of the company with effect from March 10, 2026:

• Mr. Vipin Goel

• Mr. Kattunga Srinivasa Rao

• Mr. Rajeev Pal

These appointments were approved through a board resolution dated March 10, 2026, which was passed by the liquidator in accordance with powers vested under Section 34(2) of the Insolvency and Bankruptcy Code (IBC).

The appointments are an important part of the Punj Lloyd board changes 2026, as the company transitions from its previous management structure to a new leadership team nominated by the acquiring entity.

Professional Background of the Newly Appointed Directors

The newly appointed directors bring extensive experience in infrastructure development, project management and financial leadership, which are critical areas for the revival of the company.

Mr. Kattunga Srinivasa Rao

Mr. Kattunga Srinivasa Rao holds a Bachelor’s degree in Mechanical Engineering and has more than 30 years of experience in the power and infrastructure sector.

His expertise includes several important areas such as:

• Large-scale power project execution

• Procurement and commercial management

• Project management and project financials

• Engineering, erection and commissioning activities

His experience in complex infrastructure projects is expected to support the company’s operational restructuring and project execution capabilities.

Mr. Rajeev Pal

Mr. Rajeev Pal brings over two decades of experience in large-scale industrial and infrastructure projects.

His professional expertise includes:

• Project assurance and execution governance

• Plant engineering and industrial infrastructure development

• Project management and oversight for capital-intensive projects

Currently, he serves as Energy Cluster Head – Central Project Assurance Group, where he oversees project management practices across large infrastructure initiatives.

Mr. Pal has been involved in multiple greenfield and brownfield projects across India, particularly in the energy and infrastructure sectors.

He is an alumnus of the Indian Institute of Management (IIM) Raipur and holds a Project Management Professional (PMP®) certification from the Project Management Institute.

His strong background in global project management standards is expected to enhance operational discipline and project execution efficiency at Punj Lloyd.

Mr. Vipin Goel

Mr. Vipin Goel is a seasoned finance professional with more than three decades of experience in infrastructure finance, project management and corporate governance.

He currently serves as the Chief Financial Officer (CFO) of Adani Infra (India) Limited, which is a major infrastructure and engineering procurement construction (EPC) arm of the Adani Group.

Mr. Goel has been associated with the company since August 2016 and also holds the designation of Key Managerial Personnel (KMP).

His experience spans across several sectors including:

• Infrastructure projects

• EPC operations

• Power generation

• Road development

• Renewable energy infrastructure

He is a qualified Chartered Accountant and has played an important role in financial management, compliance and project execution within the Adani Group.

His appointment reflects the growing importance of financial leadership in managing large-scale infrastructure companies undergoing restructuring.

Exit of Former Chairman Atul Punj

Alongside the appointment of new directors, Mr. Atul Punj, who previously served as a director of the company, has stepped down from his role.

His resignation became effective from March 10, 2026.

According to the disclosure, the resignation occurred due to the change in management following the NCLT-approved acquisition plan, which resulted in the replacement of the suspended board of directors with a new board nominated by the successful bidder.

Mr. Atul Punj had been a key figure in the company’s leadership for many years, and his resignation marks the end of an important chapter in the company’s corporate history.

The change represents a major development in the Atul Punj resignation Punj Lloyd director update.

Transition of Management During Liquidation Process

During the liquidation process, the powers of the board of directors are exercised by the Liquidator, as per provisions of the Insolvency and Bankruptcy Code.

In this case, the liquidator passed the board resolution approving the appointment of the new directors and the discharge of the previous board.

The replacement of the suspended board with a new management team forms part of the legal and procedural steps required to complete the Punj Lloyd liquidation process update.

Such transitions are common during insolvency resolution processes where companies are acquired by new investors.

Significance for the Infrastructure Sector

The Adani Infra India Limited Punj Lloyd deal highlights the increasing role of large infrastructure conglomerates in acquiring distressed assets within the sector.

India’s infrastructure industry has witnessed several consolidation moves in recent years, as financially strong companies acquire struggling firms to expand their capabilities and project portfolios.

The acquisition of Punj Lloyd could potentially strengthen Adani Infra’s presence in areas such as:

• Engineering procurement construction (EPC)

• Energy infrastructure projects

• Industrial construction projects

The move also reflects the ongoing transformation within the India infrastructure sector corporate developments.

Future Outlook for Punj Lloyd

With the new board now in place, the company is expected to move toward operational stabilization and long-term restructuring under the guidance of the new management team.

The appointment of experienced professionals with backgrounds in finance, project management and infrastructure development is expected to support the company’s recovery.

The Punj Lloyd latest corporate news indicates that the transition to the new management structure is a crucial step toward rebuilding the company’s operational capabilities and financial position.

If the restructuring efforts succeed, the company could potentially re-emerge as a significant player in infrastructure and engineering services.

Conclusion

The approval of the acquisition plan by the NCLT and the appointment of new directors mark a major turning point in the history of Punj Lloyd Limited.

With Adani Infra (India) Limited taking control of the company and introducing a new leadership team, the infrastructure firm is entering a new phase of corporate restructuring.

The appointments of Vipin Goel, Kattunga Srinivasa Rao and Rajeev Pal, along with the resignation of Atul Punj, represent key steps in the company’s transition toward new ownership.

The Adani Infra Punj Lloyd takeover update reflects how strategic acquisitions can play an important role in reviving companies undergoing financial stress while strengthening the broader infrastructure sector in India.

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