Date: 12th August 2026
Board Meeting Outcomes
The Board of Directors at its meeting held on 12th August 2026 considered and noted the order dated 12th June 2026 passed by the Hon'ble National Company Law Tribunal, Kolkata Bench.
Legal / Strategic Updates
NCLT Order Details
Entity Involved: McNally Bharat Engineering Company Limited (order passed in its favour)
Authority: National Company Law Tribunal, Kolkata Bench
Order Date: 12th June 2026
Case Reference: I.A. (IB) No. 342/KB/2023 in Company Petition (IB) No. 891/KB/2020
Brief Details: The Hon'ble NCLT, Kolkata allowed an application filed by the Company's erstwhile Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought avoidance of certain preferential transactions under Section 43 of the Code.
Tribunal Directions:
- UCO Bank is directed to refund INR 9.07 Crore to the Company
- The Joint Venture entities (McNally Trolex JV, McNally-AML JV and McNally-Trolex Kilburn JV) are directed to refund INR 15.18 Crore to the Company
- Both amounts are to be paid together with interest at 9% per annum from the date of the respective transaction till repayment
Total Monetary Recovery: Approximately INR 24.25 Crore (plus applicable interest)
Financial Impact: The Order results in a favourable monetary recovery for the Company. The impact has been recognized in the unaudited financial results of the Company for the quarter ended 30th June 2026 filed with the Stock Exchanges.
Funds Distribution: The recovered amounts are to be applied in accordance with:
- Clause 5.14 of the Company's approved Resolution Plan
- The distribution mechanism under Section 53 of the Insolvency and Bankruptcy Code, 2016