McNally Bharat Creditors To Discuss Insolvency Resolution On Monday

McNally Bharat Engineering Company Ltd. said its committee of creditors will meet on Monday to discuss the company’s insolvency resolution.

The 15th meeting of the committee of creditors is scheduled to be held at 11:30 am, the Indian engineering company said in a stock exchange announcement.

McNally Bharat, a member of Williamson Magor Group, is undergoing a corporate insolvency resolution process and its business and assets are managed by the Resolution Professional Ravi Sethia.

Sethia was appointed by the Kolkata bench of the National Company Law Tribunal (NCLT) on 26 August 2022.

The NCLT had admitted an insolvency petition against McNally Bharat on 29 April 2022 after its financial creditor Bank of India approached the tribunal, claiming a default of 478.73 crore rupees ($58 million).

(Note: $1 = 82.7007 Indian rupees)

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