The Resolution Professional for McNally Bharat Engineering Company Ltd. has issued an invitation for Expression of Interest (EoI) for a resolution plan for the company from prospective resolution applicants.
The company, which is primarily engaged in the Engineering, Procurement, and Construction business (EPC), provides turnkey solutions in the areas of power, steel, coal, and mining, ports, and material handling, among others.
Bank of India, one of the lenders to the company, had filed an application to initiate a corporate insolvency resolution process (CIRP) in respect of McNally under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). The Kolkata bench of the National Company Law Tribunal (NCLT) had admitted the application through an order dated April 29, 2022.
Pursuant to the NCLT order, Anuj Jain was appointed as the interim resolution professional.
The last date for submission of an EOI is July 31, 2022, the company said in a filing with stock exchanges.