McNally Bharat Wins ₹5.52 Cr Court Case, Gets Deposit Released

McNally Bharat Engineering Company Ltd has received a favorable judgment from the Hon'ble High Court of Delhi. The court dismissed a petition filed under the Arbitration and Conciliation Act, ruling that the claim of Metso India Private Limited, arising from an arbitral award, was extinguished as it was not part of McNally Bharat's approved Resolution Plan under the Insolvency and Bankruptcy Code. Consequently, the court has directed the release of approximately ₹5.52 crore, along with accrued interest, deposited with the court. This order is favorable to the company, extinguishing the claim and entitling it to the release of funds, which will accrue as an asset.