Mar George Punnakottil was born on September 13, 1936, at Thazhavankunnu. After completing his matriculation in 1953 from Infant Jesus High School, Vazhakulam, he joined the Minor Seminary at Kothamangalam. He pursued his philosophical studies at St. Joseph's Pontifical Seminary, Mangalapuzha, Alwaye, and was later sent to the Pontifical Urban University in Rome for his theological studies.
He was ordained as a priest in Rome on October 18, 1961, through the imposition of hands by Mar Mathew Kavukatt, the then Metropolitan of Changanacherry. Continuing his academic pursuit, he obtained a Licentiate in Sacred Scripture from the Pontifical Biblical Institute in Rome and a Doctorate in Biblical Theology from the Pontifical Gregorian University in Rome.
Upon returning to the eparchy, his first pastoral appointment was as the Assistant Parish Priest of St. George's Cathedral, Kothamangalam. In 1968, he joined the faculty of St. Thomas' Apostolic Seminary, Vadavathoor, Kottayam, serving as a professor of Sacred Scripture and Theology.
In 1974, he left for the United States on a sabbatical year. During this time, he obtained a Master's degree in International Relations from Vanderbilt University, Nashville, Tennessee, in 1976, and was a visiting scholar at the Union Theological Seminary, New York, in 1978. Returning to India in 1976, he resumed his role as professor at Vadavathoor Seminary, where he also served as Vice-Rector and Editor of the biblical periodical Bible Bhashyam. He authored many biblical books and published numerous scholarly articles.
On February 16, 1977, he was appointed the second Bishop of Kothamangalam, succeeding Mar Mathew Pothanamuzhi. His Episcopal Consecration took place on April 24, 1977, at St. George's Cathedral, Kothamangalam, with Joseph Cardinal Parecattil as the principal consecrator, the co-consecrators were his predecessor,Mar Matthew Pothunamuzhi and Mar Joseph Pallickaparambil from Eparchy of Pala. He was known as a defender of the traditional liturgy of his Syro-Malabar Rite. He rejected Europeanization or inculturation of his rite, which had developed there since apostolic times and manifested itself in this form. This movement within the Syro-Malabar Church was strongly supported by Rome and has since gained some traction. Bishop Punnakottil played a significant role in this development. He led the eparchy with wisdom, dedication, and vision for nearly 36 years. On January 2013, Pope Benedict XVI accepted his resignation due to age and confirmed the election of his successor, Mar Geoge Madathikandathil. Mar George Punnakottil retired from the office on February 9, 2013.
During his episcopacy, he also served as the Vice-President of the Kerala Catholic Bishops' Conference (KCBC) and Chairman of the Episcopal Commission for St. Joseph's Pontifical Seminary, Alwaye. Today, he resides at the NESTT Pastoral Center as Bishop Emeritus, remaining a source of spiritual guidance and wisdom for the Eparchy.