PNC Infratech receives ₹20 crore compensation from Nakul Bharana to settle its 2020 CIRP resolution plan for Gwalior Bypass Project Ltd.
The settlement concludes protracted NCLT/NCLAT proceedings where the company's resolution plan was never formally approved.
Company had maintained a ₹29.51 crore performance bank guarantee for nearly 6 years while pursuing the matter.
Settlement includes issuing No Objection Certificate to Nakul Bharana regarding Section 12A IBC offers to creditors.