The Kolkata Bench of the National Company Law Tribunal (NCLT) on Friday admitted a petition to start an insolvency process against McNally Bharat Engineering Company Limited, the troubled engineering, procurement and construction (EPC) company of the Khaitan-owned Williamson Magor Group.
Sources in the group confirmed that the petition for insolvency had been admitted but indicated that options for resolution were still being looked at. The order was yet to be uploaded till late evening.
The petition for insolvency had been moved by Bank of India, the lead bank. Ankur Singhi, Senior Partner, S K Singhi & Co. LLP, advocate for