Corporate Insolvency Resolution Process
BIL Vyapar Limited (formerly Binani Industries Limited) is under Corporate Insolvency Resolution Process (CIRP) initiated by NCLT Kolkata Bench on 13th November 2025. The Hon'ble Tribunal appointed Mr. Subodh Kumar Agrawal as Interim Resolution Professional initially, with Ms. Rachana Jhunjhunwala appointed as Resolution Professional on 13th January 2026. Powers of the Board of Directors stand suspended under Section 17 of IBC, 2016, with management fully vested in the Resolution Professional. A moratorium is in force pursuant to the NCLT order.
Financial Performance & Position
For FY 2025-26, the company reported a standalone net loss of ₹3.34 lakh, a significant deterioration from the profit of ₹681.19 lakh in FY25. The company's net worth stands negative at ₹21,766.17 lakh with accumulated losses of ₹41,821.80 lakh completely eroding the capital base. As of 31st March 2026, liabilities exceed assets by ₹18,627.68 lakh. Financial statements have been prepared on a liquidation basis, with assets measured at lower of carrying amount and estimated net realizable value, and liabilities stated at estimated settlement amounts.
Claims Status & Creditor Information
Creditors have filed total claims amounting to ₹1,738.63 crore against the company. The Resolution Professional has admitted claims worth ₹1,226.02 crore while rejecting claims of ₹136.37 crore. The breakdown includes ₹1,10,172.39 lakh admitted from unsecured financial creditors (5 claims), ₹71.23 lakh from operational creditors (9 claims), and ₹12,358.29 lakh from other creditors (6 claims).
Significant Events & Transactions
A major development includes the settlement of the long-standing BNP Paribas bank guarantee issue pursuant to Bombay City Civil Court Order dated 4th December 2025. This resulted in BNP Paribas releasing ₹76.25 lakh to Joint Directorate General of Foreign Trade, leading to interest income recognition of ₹64.78 lakh and write-back of provision/counter guarantee balances amounting to ₹105.55 lakh. The company continues to have significant contingent liabilities including corporate guarantees of ₹8,025 lakh to lenders of Edayar Zinc Limited, against which a provision for loss allowance of ₹2,149.10 lakh has been made.
Corporate Governance & Structural Changes
Statutory auditor TLB & Co resigned on 4th August 2026, with shareholders to appoint RNM & Associates as new auditor at the AGM on 30th September 2026. The company's wholly-owned subsidiary Global Composites Holdings Inc was dissolved by Secretary of State, Minnesota on 21st May 2026. Shareholders had approved a capital reduction under Section 66(1)(b)(i) of Companies Act, 2013 to reduce equity capital by 99%, though application to NCLT is yet to be made. The 63rd Annual General Meeting is scheduled for 30th September 2026 via video conferencing to adopt financial statements and appoint the new auditor.
Regulatory Compliance & Reporting
The company continues to comply with SEBI Listing Regulations under Regulation 34(1) for Annual Report submission despite the insolvency proceedings. The Resolution Professional is overseeing the valuation of assets through registered valuers appointed as per IBBI Regulations, though assets have not been restated to valuation figures in the financial statements due to confidentiality concerns of the resolution process.