Disclosure of material issue

PNC Infratech update: The company has settled a long-standing issue regarding its Resolution Plan for Gwalior Bypass Project Ltd. The plan, submitted in 2020, faced protracted legal challenges at NCLT, preventing its approval.

This delay kept PNC's Rs. 29.51 Cr performance bank guarantee tied up for nearly 6 years and incurred significant time and financial resources.

To resolve this, PNC Infratech opted for an amicable settlement with Mr. Nakul Bharana, an erstwhile director of the Corporate Debtor.

PNC Infratech has received Rs. 20 Cr as compensation for its incurred costs, bringing a final resolution to the matter.

This clears a lingering issue and frees up resources.