McNally Bharat Creditors To Meet Today

McNally Bharat Engineering Company Ltd. said its committee of creditors is scheduled to meet today.

The creditors will meet at 5:00 pm, the Indian engineering company, a member of Williamson Magor Group, said in a stock exchange announcement.

McNally Bharat is undergoing a corporate insolvency resolution process and its business and assets are managed by the Resolution Professional Ravi Sethia. He 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 ($58.57 million).

(Note: $1 = 81.7347 Indian rupees)

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