NCLT Approves BTL EPC’s Resolution Plan For McNally Bharat

BTL EPC Ltd. received the National Company Law Tribunal’s (NCLT) approval to acquire the Williamson Magor Group-owned McNally Bharat Engineering Company Ltd.

The Kolkata bench of the NCLT approved BTL EPC’s resolution plan via an order dated 19 December, McNally Bharat said in a stock exchange announcement.

BTL EPC’s resolution plan offers McNally Bharat’s stakeholders a total of 441 crore rupees ($53 million), against the admitted liabilities of 5,015 crore rupees, the NLCT order showed.

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.

(Note: $1 = 83.1795 Indian rupees)

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