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

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..