McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency process was admitted after ICICI Bank, a financial creditor, moved to the National Company Law Tribunal (NCLT).
McNally Sayaji was granted loans by ICICI Bank to the tune of 50 crore. Nearly half of the term loan ( 25 crore) was disbursed in June 18, 2015. The remaining facility of 25 crore was disbursed on June 27, 2015. This apart , there was working capital facility that was renewed from time to time.
The corporate debtor (McNally Sayaji) having committed default in making the payment of the loan amount of 45,84,41,659.02 and having failed till date to make the re-paym…
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