If someone allocated to a project is put under PIP what are his chances of staying in the Company?

Were you on bench before ?

You can clear PIP. They give a set of things to do in limited time. If you are not attending office, they ask for attendance and hours. If you are not delivering properly, they will ask to deliver on time. Many people clear PIP, next appraisal if you get a better rating then they restore the salary reduced by D band.