NCLT nod to BTL EPC’s resolution plan for McNally Bharat Engineering
The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by BTL EPC Limited for resolution of the corporate insolvency resolution process of McNally Bharat Engineering Company Limited (MBECL) today as
McNally Bharat Engineering, a leading engineering company in India, had been struggling with financial difficulties for some time. In August 2023, it entered the Corporate Insolvency Resolution Process (CIRP) as per the provisions of the Insolvency and Bankruptcy Code, 2016. Under the CIRP, BTL EPC Limited emerged as the potential savior, submitting a resolution plan to revive the company.
The company owed Rs 4,841 crore to financial creditors. The highest claims of Rs 725 crore have been submitted by Bank of India, followed by Axis bank (Rs 544 crore) and State Bank of India (Rs 510 crore). Other major claimants include IDBI bank (Rs 377 crore) and ICICI bank (Rs 366 crore).
Today’s NCLT approval grants BTL EPC the green light to implement its plan, which is expected to bring much-needed relief to McNally Bharat Engineering, its employees, creditors, and stakeholders. The specific details of the plan remain confidential, but it is likely to involve a combination of debt restructuring, asset monetization, and operational turnaround measures.
“The approval Order is yet to be published and is currently awaited. Upon the Approval Order being made available by the Adjudicating Authority, appropriate disclosures as may be required under Regulation 30, Regulation 37(7) and other applicable regulations of LODR and the salient features of the Resolution Plan as required under Clause 16(l) of Para A of Part A of Schedule III of LODR shall be submitted by the Company,” McNally Bharat Engineering said in an exchange filing.
About BTL EPC
BTL EPC is a multidisciplinary Engineering Procurement and Construction group with diverse interests. The company ventured into the EPC sector in 2006. Within a very short span, the company has won new businesses and added significant skills in design, engineering & execution of projects in bulk material handling plant, coal & chemical plant, process equipment, metal & mineral beneficiation, environment management, metal preparation, and steel plant utilities.
Also See: Lenders approve BTL EPC resolution plan for McNally Bharat Engineering
