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The National Company Law Tribunal (NCLT) Kolkata Bench has allowed the application filed by the Committee of Creditors (CoC) of McNally Bharat Engineering Company Ltd to appoint Ravi Sethia as the Resolution Professional for the company which is undergoing an insolvency process.
The company was admitted under the corporate insolvency resolution process (CIRP) by the NCLT Kolkata Bench in April this year, based on a petition filed by one of its financial creditors — Bank of India. The petition was filed because the company had committed default in paying around ₹478 crore as on March 10, 2020.
Pursuant to the NCLT order, Anuj Jain was appointed as the interim resolution professional. However, the Kolkata Bench later allowed an application filed by the CoC to appoint Ravi Sethia as the IRP.
“Please take note that the NCLT Kolkata Bench has allowed Application No. IA(.B.C)/766(KB)2022 filed by the CoC under Section 22(3)(b) read with Section 22(2) of Insolvency & Bankruptcy Code 2016 appointing Ravi Sethia as the Resolution Professional of McNally Bharat Engineering Company LTD,” said the company in a filing to stock exchanges on Monday.
The company, which is primarily engaged in Engineering, Procurement and Construction business (EPC), provides turnkey solutions in the areas of power, steel, coal and mining, ports and material handling, among others.
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