<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt-roles" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2023-09-30.xsd" xlink:type="simple"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532693</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-10-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="CorporateInsolvencyResolutionProcessEvent1D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532693</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-10</xbrli:startDate><xbrli:endDate>2025-10-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessEventAxis">in-capmkt:CorporateInsolvencyResolutionProcessEvent1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="OtherEventOfCorporateInsolvencyResolutionProcess_D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532693</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-10</xbrli:startDate><xbrli:endDate>2025-10-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:OtherEventOfCorporateInsolvencyResolutionProcessMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="OtherEventOfCorporateInsolvencyResolutionProcess_I"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532693</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-10-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:OtherEventOfCorporateInsolvencyResolutionProcessMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">PUNJ LLOYD LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">PUNJLLOYD</in-capmkt:NSESymbol><in-capmkt:ScripCode contextRef="MainI">532693</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE701B01021</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent contextRef="CorporateInsolvencyResolutionProcessEvent1D">Others</in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent><in-capmkt:DetailsOfOthersCorporateInsolvencyResolutionProcessEvent contextRef="MainI">This is to inform you that in terms of Regulation 32 B of The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Twenty Second meeting of the Stakeholders Consultation Committee of Punj Lloyd Ltd. is scheduled to be held on 13th October, 2025 at 3.00 P.M. at Punj Lloyd Limited, Corporate Office, Plate No. 2, Second Floor, Tower No. 2, NBCC Plaza, Sector V, Pushp Vihar, Saket, New Delhi-110017 as well as through Audio and Visual mode, to discuss the way forward in the Liquidation sale process of the Company (including sale of the Company on a going concern basis).</in-capmkt:DetailsOfOthersCorporateInsolvencyResolutionProcessEvent><in-capmkt:DateOfReport contextRef="MainI">2025-10-10</in-capmkt:DateOfReport><in-capmkt:ProposedStepsToBeTakenByTheIncomingInvestorOrAcquirerForAchievingTheMPS contextRef="OtherEventOfCorporateInsolvencyResolutionProcess_I">Not Applicable</in-capmkt:ProposedStepsToBeTakenByTheIncomingInvestorOrAcquirerForAchievingTheMPS><in-capmkt:WhetherTheCompanyHasEnsuredComplianceWithMinimumPublicShareholding contextRef="OtherEventOfCorporateInsolvencyResolutionProcess_D">true</in-capmkt:WhetherTheCompanyHasEnsuredComplianceWithMinimumPublicShareholding><in-capmkt:QuarterlyDisclosureOfTheStatusOfAchievingTheMPS contextRef="OtherEventOfCorporateInsolvencyResolutionProcess_I">Yes</in-capmkt:QuarterlyDisclosureOfTheStatusOfAchievingTheMPS></xbrli:xbrl>