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NCLT admits insolvency petition against EPC firm McNally Bharat Engg over Rs.2067-Cr dues

Business Standard  

The Kolkata Bench of the National Company Law Tribunal (NCLT) has admitted a petition to start an insolvency process against McNally Bharat Engineering Company Ltd, the troubled engineering, procurement and construction (EPC) company of the Khaitan-owned Williamson Magor Group. Options for resolution were still being looked at. The petition for insolvency had been moved by Bank of India, the lead bank. The total financial indebtedness of the entities in the company, including short-term and long-term debt, as on March 31, is reported to be INR 2,067.49 crore.