NCLT admits insolvency plea against McNally Sayaji
ECONOMY & POLICY

NCLT admits insolvency plea against McNally Sayaji

McNally Sayaji Engineering Ltd (MSEL), an unlisted subsidiary of the Khaitan family-run McNally Bharat Engineering, is facing corporate insolvency after financial creditor ICICI Bank sought the National Company Law Tribunal's (NCLT) intervention.

ICICI Bank had granted loans to the tune of Rs 50 crore to McNally Sayaji.

NCLT observed that corporate debtor MSEL committed default in making the payment of the loan amount of Rs 45.84 crore and having failed till date to make the repayment of the said loan with interest, being Rs 74.85 crore and that the application deserves to be admitted.

The tribunal has also appointed a resolution professional to carry out the corporate insolvency resolution proceedings and declared a moratorium on new cases against the company under provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

According to MSEL, the resolution process has been going on for some time and other lenders, including the State Bank of India (SBI), had vetted the process. A rating agency had also been appointed for verification of the accounts. Other lenders include Kotak Mahindra Bank, IDBI and DBS.

MSEL is a manufacturer of crushing, screening, grinding, material handling and mineral processing equipment. It serves core sector industries like coal, iron ore, steel, copper and zinc, limestone, rare earth and other mineral businesses.

The company has four manufacturing units, one each in Asansol (West Bengal), Kumardhubi (Jharkhand), Vadodara, and Bengaluru.

Image Source


Make in Steel 2021

24 February 

Click for event info


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info



McNally Sayaji Engineering Ltd (MSEL), an unlisted subsidiary of the Khaitan family-run McNally Bharat Engineering, is facing corporate insolvency after financial creditor ICICI Bank sought the National Company Law Tribunal's (NCLT) intervention. ICICI Bank had granted loans to the tune of Rs 50 crore to McNally Sayaji. NCLT observed that corporate debtor MSEL committed default in making the payment of the loan amount of Rs 45.84 crore and having failed till date to make the repayment of the said loan with interest, being Rs 74.85 crore and that the application deserves to be admitted. The tribunal has also appointed a resolution professional to carry out the corporate insolvency resolution proceedings and declared a moratorium on new cases against the company under provisions of the Insolvency and Bankruptcy Code (IBC), 2016. According to MSEL, the resolution process has been going on for some time and other lenders, including the State Bank of India (SBI), had vetted the process. A rating agency had also been appointed for verification of the accounts. Other lenders include Kotak Mahindra Bank, IDBI and DBS. MSEL is a manufacturer of crushing, screening, grinding, material handling and mineral processing equipment. It serves core sector industries like coal, iron ore, steel, copper and zinc, limestone, rare earth and other mineral businesses. The company has four manufacturing units, one each in Asansol (West Bengal), Kumardhubi (Jharkhand), Vadodara, and Bengaluru. Image SourceMake in Steel 202124 February Click for event info4th Indian Cement Review Conference 202117-18 March Click for event info

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?