Disclosure of event or information under Regulation 30 of SEBI(LODR) Regulations, 2015 - Status of Resolution Plan
Awaiting price reaction for this filing.
McNally Bharat Engineering Company informed exchanges that its Monitoring Committee, at its 16th meeting on 1 April 2025, reviewed the timeline for the second and third tranche payments owed by BTL EPC Limited, the Successful Resolution Applicant (SRA), under the NCLT Order dated 3 December 2024. BTL EPC has expressed willingness to implement the approved Resolution Plan despite ongoing operational challenges at the company. However, it has requested an extension till 30 June 2025 to make the pending payments along with interest for the delay, citing the need to safeguard existing bank guarantees and protect lenders' interests.
Short-term negative: delayed payments and operational challenges signal continued financial stress. Medium-term positive: the SRA remains committed to implementing the resolution plan, which is essential for the company's revival and eventual value recovery for shareholders and lenders.