Status Update of Resolution Plan
Awaiting price reaction for this filing.
McNally Bharat Engineering Company, which is undergoing the corporate insolvency resolution process, has shared an update on the status of its approved Resolution Plan. The Successful Resolution Applicant, BTL EPC Limited, has filed an Interlocutory Application with the NCLT asking for an extension of time until 30 September 2025 to make all pending payments under the Resolution Plan, including interest for delayed payments. This extension is being sought in terms of the NCLT Order dated 3 December 2024. Lenders have also separately approached the NCLT on this matter.
The request for a five-month extension signals delays in payments by the resolution applicant, prolonging uncertainty for shareholders and creditors. The stock is likely to remain volatile as the outcome of the NCLT hearing on the extension plea will determine the pace of the company's exit from insolvency.