NCLT Kolkata orders refund of ₹24.25 Crore plus interest to McNally Bharat Engineering
McNally Bharat Engineering Company Limited will recover approximately ₹24.25 Crore plus interest from UCO Bank and joint venture entities following an NCLT Kolkata order dated 12th June 2026. The recovery is for avoidance of preferential transactions. The financial impact has been recognized in the Q1 FY27 results.
The recovery of ₹24.25 Crore is a material amount that will positively impact the company's financial position, as it relates to the resolution of past transactions.
The NCLT order allows for a significant monetary recovery of approximately ₹24.25 Crore plus interest in favor of the company, which is a positive development.
McNally Bharat Engineering Company Limited announced that the Board of Directors, in a meeting held on 12th August 2026, noted an order passed by the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, on 12th June 2026. The NCLT order allowed an application filed by the Company's erstwhile Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking avoidance of certain preferential transactions under Section 43 of the Code.
As per the order, UCO Bank has been directed to refund ₹9.07 Crore to the Company, along with interest at 9% per annum from the date of the respective transaction until repayment. Additionally, the Joint Venture entities, namely McNally - Trolex JV, McNally - AML JV, and McNally - Trolex - Kilburn JV, are directed to refund ₹15.18 Crore to the Company, also with interest at 9% per annum.
This order results in a favorable monetary recovery of approximately ₹24.25 Crore (plus applicable interest) for McNally Bharat Engineering Company Limited. The amount is to be applied in accordance with the approved Resolution Plan and the distribution mechanism under Section 53 of the Insolvency and Bankruptcy Code, 2016. The impact of this order has already been recognized in the unaudited financial results of the Company for the quarter ended 30th June 2026, which were filed with the stock exchanges on the same day.
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