BIL Vyapar Q2 Net Loss of ₹16.59 Lakh

Corporate Insolvency Resolution Process (CIRP) Status

The Corporate Insolvency Resolution Process (CIRP) was initiated against BIL Vyapar Limited (Corporate Debtor) by the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to its order dated November 13, 2025, passed in C.P. (IB) No. 46/KB/2025. The order was received on November 21, 2025.

Mr. Subodh Kumar Agrawal was initially appointed as the Interim Resolution Professional (IRP). He was replaced by Ms. Rachna Jhunjhunwala as Resolution Professional pursuant to an NCLT order dated January 13, 2026 (received on February 4, 2026).

The powers of the Board of Directors stand suspended since the commencement of CIRP. All directors except Rajesh Kumar Bagri had tendered their resignation, which was not accepted due to the moratorium in force.

The CIRP period, previously extended by 90 days, was further extended by 45 days by the NCLT and was due to conclude on September 24, 2026. Resolution plans were received from 7 Prospective Resolution Applicants. The CoC approved the Resolution Plan of Fairplan Distributors Pvt Ltd, and an application under section 30 of the IBC was filed before the NCLT.

Creditor Claims

During the CIRP, the RP received claims from Financial Creditors, Operational Creditors, Workmen & Employees, Statutory Dues, and Other Creditors. The total amount of claim filed is ₹1,738.63 Crores. Out of this, ₹1,226.02 Crores has been accepted by the Resolution Professional based on documents received and the books of the Corporate Debtor.

Financial Results Overview (Standalone)

The reviewed Financial Results for the quarter ended September 30, 2026, were adopted by the Resolution Professional. The results are prepared based on information received from management advisors and the Board of Directors (whose power is suspended).

The financial results have been prepared on a liquidation basis, as the going concern assumption is not appropriate due to eroded net worth and the absence of a business plan. Assets are measured at the lower of carrying amount and estimated net realizable value, and liabilities are stated at their estimated settlement amounts.

Key Financials for Quarter Ended Sept 30, 2026 (₹ in Lakhs):

Total Income: 12.68
Revenue from Operations: 12.68
Other Income: 0.00
Total Expenses: 79.27
Employee Benefits Expenses: 28.51
Other Expenses: 50.76
Profit/(Loss) before tax: (16.59)
Tax Expenses: 0.00
Net Profit/(Loss) for the quarter: (16.59)
Earnings Per Share (EPS): (0.00) [Basic and Diluted, Face Value ₹10]

Key Financials for Six Months Ended Sept 30, 2026 (₹ in Lakhs):

Total Income: 28.35
Revenue from Operations: 28.35
Other Income: 0.00
Total Expenses: 87.58
Employee Benefits Expenses: 66.12
Other Expenses: 21.46
Profit/(Loss) before tax: (81.03)
Tax Expenses: 0.00
Net Profit/(Loss) for the period: (81.03)
Earnings Per Share (EPS): (0.00) [Basic and Diluted, Face Value ₹10]

Comparative Figures (Year Ended March 31, 2026):

Total Income: ₹173.69 Lakh
Net Profit/(Loss) after tax: ₹(3.34) Lakh

Balance Sheet Highlights as at Sept 30, 2026 (₹ in Lakhs):

Paid-up Equity Share Capital: 3,138.49
Other Equity: (21,807.20)
Total Equity: (18,668.71)
Accumulated Losses: 21,807.20 (March 31, 2026: 21,766.17)
Total Current Assets: 1,634.88
Cash and Cash Equivalents: 3.85
Other Bank Balances: 10.23
Other Financial Assets: 471.04
Current Tax Assets (Net): 1,149.76
Assets held-for-sale: 336.11
TOTAL ASSETS: 1,970.99
Total Current Liabilities: 20,639.69
Borrowings: 17,474.90
Trade Payables: 90.93
Other Financial Liabilities: 906.48
Provisions: 2,167.38
Liabilities exceed assets by: ₹18,668.71 Lakh (March 31, 2026: ₹18,627.68 Lakh)

Cash Flow for Six Months Ended Sept 30, 2026 (₹ in Lakhs):

Net Cash used in Operating Activities: (868.93)
Net Cash from Investing Activities: 28.35
Net Cash from Financing Activities: 117.00 (Proceeds from Borrowings)
Net Decrease in Cash: (840.59)
Cash and cash equivalents at beginning of period: 854.66
Cash and cash equivalents at end of period: 14.07

Significant Accounting Policies and Notes

1. Preparation Basis: Financial results prepared on a liquidation basis, not a going concern.

2. CIRP Impact: No provision for expenses incurred after November 21, 2025 (date of NCLT order receipt) is made in the books. All creditors are required to file claims for dues as of that date.

3. Corporate Guarantees / Letter of Comfort:

The company had given Corporate Guarantees to lenders of Edayar Zinc Ltd. (EZL) for an aggregate outstanding of ₹8,025 Lakh (excluding interest). EZL entered a One Time Settlement (OTS). Mina Ventures Private Limited consented to replace this guarantee. Lenders Punjab National Bank & Punjab & Sind Bank filed claims during CIRP, which were admitted.
The company issued a letter of comfort/undertaking for ₹5,171.20 lakh to Punjab National Bank for BIL Infratech Limited. A provision for loss allowance of ₹2,149.10 lakhs has been made for these guarantees/letter of comfort. The effect of the corporate guarantee against EZL is not taken into account.

4. Legal Disputes - Wada Land:

A Memorandum of Understanding with Maharashtra Wood Based Industrial Estate (MWBIE) for land sale was terminated. The land was later sold to Afamado Advisory Services Pvt Ltd for ₹3,500 lakhs.
MWBIE filed lawsuits seeking specific performance. A Commercial Suit is ongoing, and an interim order restrains alienation of the property (though it is no longer a company asset).
MWBIE lodged a claim of ₹9,494.92 lakhs in the CIRP. Only ₹59.40 lakhs has been admitted; the balance is disputed.

5. Ahmedabad Property Sale:

An Agreement for Sale was entered on May 22, 2025, to sell an immovable property in Ahmedabad at a loss of ₹33.51 Lakhs. This sale was not recognized in the FY26 results. Had it been recognized, 'Asset Held for Sale' would be lower by ₹159.51 Lakhs and the loss higher by ₹33.51 Lakhs. The matter is under litigation at NCLAT.

6. Sirohi Land: Recorded in books but reportedly sold in the past. The effect is not taken into account as a PUFE application under section 66 has been filed before NCLT.

7. Business Reorganisation Reserve (BRR): A reserve of ₹21,807.20 lakh arising from a past scheme of amalgamation and application of AS 30/Ind AS 109. This reserve was adjusted against accumulated losses as of Sept 30, 2026, due to the liquidation basis of accounting.

8. Axis Bank Account ('Unpaid Binani Metals Ltd Shareholders Fund'): Balance of ₹30.35 lakhs as of Sept 30, 2026, not reflected in books. An application against Axis Bank is pending before NCLT.

9. BNP Paribas Fixed Deposit:

Pursuant to a court order, BNP Paribas released ₹76.25 Lakhs against an invoked bond. The company adjusted fixed deposit and provision balances accordingly.
Interest income of ₹64.78 Lakhs was recognized, and a provision of ₹105.55 Lakhs was written back.
The carrying value of the Fixed Deposit as of Sept 30, 2026, is ₹169.95 Lakhs. TDS credit on interest is not recognized due to uncertainty.
An application against BNP Paribas Bank is pending before NCLT.

10. Income Tax Receivables: Aggregating ₹1,149.76 Lakhs. Recoverability is uncertain due to lack of supporting records and reconciliations. No adjustment made pending CIRP outcome.

11. Dissolution of Subsidiary: Global Composite Holdings Inc., a wholly owned foreign subsidiary, was dissolved on May 21, 2026. The investment (carrying value ₹1.50 Lakhs) was derecognized in Q1 June 2026, and the loss was recognized as an exceptional item. The company now has no subsidiaries.

12. Name Change: The company name was changed from 'Binani Industries Limited' to 'BIL Vyapar Limited', approved by the Board on January 24, 2025, and by NSE on July 8, 2025.

Financial Impact

Net loss for Q2 FY27 is ₹16.59 Lakh. Liabilities exceed assets by ₹18,668.71 Lakh. The financial impact of several contingent liabilities (corporate guarantees, legal disputes) is not fully quantified or provided for in these results.