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Synopsis
A consortium of banks that include public sector lenders, private sector banks and foreign banks are owed around ₹4,000 crore by the company. The dues comprise both long term and short term loans as well as non-fund based facilities such as letters of credit and bank guarantees.
Agencies
McNally Bharat had succeeded in fending off a similar threat of bankruptcy proceedings in 2019 when Tata Capital dragged it to NCLT.
Engineering, procurement and construction company
McNally Bharat Engineering is facing an Insolvency and Bankruptcy Code (IBC) test as two major financial creditors, Bank of India and
Canara Bank, have lodged petitions at NCLT to trigger insolvency proceedings against the company, as per court filings. ....

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