NCLT admits insolvency plea against McNally Sayaji

18 Feb 2021 Editorial Team

McNally Sayaji Engineering Ltd (MSEL), an unlisted subsidiary of the Khaitan family-run McNally Bharat Engineering, is facing corporate insolvency after financial creditor ICICI Bank sought the National Company Law Tribunal's (NCLT) intervention.

ICICI Bank had granted loans to the tune of Rs 50 crore to McNally Sayaji.

NCLT observed that corporate debtor MSEL committed default in making the payment of the loan amount of Rs 45.84 crore and having failed till date to make the repayment of the said loan with interest, being Rs 74.85 crore and that the application deserves to be admitted.

The tribunal has also appointed a resolution professional to carry out the corporate insolvency resolution proceedings and declared a moratorium on new cases against the company under provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

According to MSEL, the resolution process has been going on for some time and other lenders, including the State Bank of India (SBI), had vetted the process. A rating agency had also been appointed for verification of the accounts. Other lenders include Kotak Mahindra Bank, IDBI and DBS.

MSEL is a manufacturer of crushing, screening, grinding, material handling and mineral processing equipment. It serves core sector industries like coal, iron ore, steel, copper and zinc, limestone, rare earth and other mineral businesses.

The company has four manufacturing units, one each in Asansol (West Bengal), Kumardhubi (Jharkhand), Vadodara, and Bengaluru.

Image Source

Make in Steel 2021

24 February

Click for event info

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..