Business Standard

Monday, December 23, 2024 | 08:39 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

In resolution plan, McNally Bharat Engineering looks to raise fresh capital

All major listed entities of B.M. Khaitan Group posted revenue decline in Q1

nclt, arbitration
Premium

Illustration by Binay Sinha

Avishek Rakshit Kolkata
Financially stressed McNally Bharat Engineering, a B M Khaitan Group company, has proposed a resolution plan to its lenders outside the purview of the National Company Law Tribunal (NCLT). 

According to the plan, McNally would rope in a consortium of investors for capital infusion into the debt-laden company.

Ailing for over several quarters, McNally argued that its performance was affected by the downturn in the infrastructure sector, working capital constraints and other external factors. And because of these issues, it — along with one of its subsidiary companies — failed to meet its financial commitments to the lenders.

The resolution plan was based

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in