Mumbai/New Delhi: Differences have cropped up between the country's top two lenders over the recovery of around Rs 6,000 crore from infrastructure firm Punj Lloyd.

India's top lender SBI has opposed the ICICI Bank's move to approach the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Punj Lloyd. The two banks are part of a group of lenders to the infrastructure player.

The NCLT will hear the matter again on July 24. Punj Lloyd reportedly owes close to Rs 850 crore to ICICI Bank.

The nation's largest private sector bank has filed the application under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Punj Lloyd informed the bourses that more than 90 per cent of the lenders at a meeting on June 13 had agreed to support a resolution plan under SBI's leadership to restructure the outstanding debts of the company.

The company added the meeting also decided that the SBI on behalf of all the lenders would oppose the ICICI application at the NCLT.

The matter was listed for hearing before the tribunal on Thursday, where the counsel for the company and the SBI appeared and challenged its maintainability.

The counsel for the SBI said 90 per cent of the lenders were in favour of restructuring.

The tribunal directed the company and the PSU bank to file the necessary reply and fixed the next date of hearing for July 24.

"The company is of the view that the application filed by ICICI may not be admitted by the NCLT since more than 90 per cent of the lenders of the company are in favour of restructuring the debts,'' Punj Lloyd said.

ICICI Bank's application led to shares of Punj Lloyd crashing by over 11 per cent on the bourses. On the BSE, the share finished at Rs 14.85 - a drop of 11.08 per cent.

At a board meeting of Punj Lloyd held on May 30, the directors had approved a proposal to restructure the outstanding credit by converting them into securities on a preferential basis, issuance of securities (non-convertible/redeemable/convertible) to promoters or investors on a preferential basis and increase in the share capital of the company for this purpose, subject to lenders' approval.

The firm had said that restructuring was essential for it to continue as a going concern and discharge its liabilities. It further disclosed that to improve operational efficiencies it was taking various measures, including monetising identified assets as avenues of raising funds.

Burdened with a high debt of Rs 8,425 crore, and, according to stock analysts, a negative net worth of Rs 2,026 crore, Punj Lloyd has been running through rough financial weather, but had managed to turn in a positive standalone profit of Rs 944 crore for the March quarter compared with a loss of Rs 181.58 crore a year ago.

Punj Lloyd is one of a handful of Indian companies which has entered the Indian defence space.

Recently it tied up with Adani Defence and Aerospace and US-based Rave Gears to make high precision aerospace gears.

Earlier last year, Punj Lloyd and the Israel Weapon Industries (IWI) had inaugurated a manufacturing unit of small arms in Madhya Pradesh's Malanpur.

The unit is expected to manufacture X95 carbine and assault rifles, Galil sniper rifle, Tavor assault rifle and Negev Light Machine Gun (LMG). It also managed to bag contracts to make full truck body scanners from the ministry of home affairs last year.