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CoC Approves Fairplan Distributors' Resolution Plan in 17th Meeting
BIL Vyapar Limited (formerly Binani Industries Limited), currently under Corporate Insolvency Resolution Process (CIRP), announced that its Committee of Creditors (CoC) has approved a resolution plan submitted by Fairplan Distributors Pvt Ltd. The approval was finalized during the 17th meeting of the CoC pursuant to SEBI LODR Regulations. Detailed financial terms, debt haircut values, and the impact on existing public equity were not disclosed in the announcement. The plan is subject to final approval by the National Company Law Tribunal (NCLT).
Confidence: MEDIUM
What changedThe CoC has selected and approved Fairplan Distributors Pvt Ltd as the successful resolution applicant under CIRP.
Why it mattersDetermines the survival and future ownership of the company, though resolution plans under IBC typically entail significant equity dilution, restructuring, or delisting for existing shareholders.
CoC Meeting Number: 17thResolution Applicant: Fairplan Distributors Pvt LtdResolution Plan Value: not disclosed
📅 Short termThe Resolution Professional will file the approved plan with the NCLT for final approval, during which objections or legal hearings may take place.
📈 Long termIf sanctioned by the NCLT, control will transfer to Fairplan Distributors Pvt Ltd under a restructured balance sheet and revised shareholding pattern.
⚠ Risk flags
- High risk of severe equity dilution or total capital reduction typical in IBC resolution plans
- Final implementation is contingent upon NCLT approval
- Commercial terms and financial recovery values are not disclosed
Key Highlights
Committee of Creditors approved the resolution plan submitted by Fairplan Distributors Pvt Ltd.
Approval was finalized in the 17th meeting of the Committee of Creditors.
Total resolution amount and terms for existing equity shareholders were not disclosed.
👀 What to Watch
Monitor upcoming filings regarding the submission of the plan to the NCLT for statutory approval and specific disclosures on the treatment/dilution of existing equity.
BIL Vyapar 19th CoC Meeting Notes Q1 Results; Auditor Issues Disclaimer of Conclusion
BIL Vyapar Limited (formerly Binani Industries), currently undergoing Corporate Insolvency Resolution Process (CIRP), held its 19th Committee of Creditors (CoC) meeting on August 14, 2026, to note its Q1 FY27 financial results. Statutory auditors issued a Disclaimer of Conclusion, citing unquantified guarantee obligations of INR 8,025 Lakhs for Edayar Zinc Limited against loss provisions of INR 2,149.10 Lakhs. Furthermore, registered valuer reports for Assets Held for Sale were kept confidential and withheld from auditors, keeping Land & Buildings carried at book value. The resolution plan remains under evaluation by the CoC.
Confidence: HIGH
What changedThe CoC reviewed Q1 FY27 results prepared under liquidation basis of accounting, with auditors issuing a disclaimer due to data limitations and guarantee claims.
Why it mattersConfirms substantial insolvency distress, potential guarantee crystallizations, and severe valuation uncertainties for remaining assets.
EZL Corporate Guarantee balance: INR 8,025 LakhsLoss allowance provision: INR 2,149.10 LakhsWada land sale consideration: Rs. 3,500 lakhsBNP Paribas Fixed Deposit carrying value: INR 169.95 Lakhs
📅 Short termSentiment will remain weak given the disclaimer of conclusion and lack of visibility on asset net realizable values.
📈 Long termSubstantial risk of permanent equity dilution or write-off depending on the final resolution or liquidation outcome under IBC.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP) ongoing
- Auditor disclaimer of conclusion on financial statements
- Unreleased corporate guarantees of INR 8,025 Lakhs admitted as claims
- Litigation regarding past land conveyance of Rs 3,500 Lakhs
Key Highlights
CoC noted Q1 FY27 unaudited financial results on August 14, 2026, which received a Disclaimer of Conclusion from auditors.
Corporate guarantee exposure for erstwhile subsidiary Edayar Zinc Limited stood at INR 8,025 Lakhs against loss provisions of INR 2,149.10 Lakhs.
CIRP asset valuation reports were withheld from auditors as confidential, preventing assessment of asset impairments or write-downs.
Carrying value of Fixed Deposit with BNP Paribas Bank stood at INR 169.95 Lakhs as of June 30, 2026, following prior bond settlement adjustments.
👀 What to Watch
Track the ongoing CIRP proceedings at NCLT Kolkata, specifically the evaluation, voting, and regulatory approval of any submitted resolution plans.
BIL Vyapar Q1 FY27: Auditor Issues Disclaimer; Rs 80.25 Cr Guarantee Claims Admitted
BIL Vyapar Limited (currently under CIRP) submitted its unaudited financial results for the quarter ended June 30, 2026, prepared on a liquidation basis of accounting. Statutory auditor TLB & Co. issued a disclaimer of conclusion citing unquantifiable liabilities and lack of access to confidential CIRP asset valuation reports. Lenders have admitted claims of INR 8,025 Lakhs (excluding interest) under corporate guarantees issued for erstwhile subsidiary Edayar Zinc Limited, against which the company holds a loss provision of INR 2,149.10 Lakhs. Powers of the board remain suspended as the Resolution Professional and Committee of Creditors evaluate resolution plans.
Confidence: HIGH
What changedBIL Vyapar presented its Q1 FY27 financials to the Committee of Creditors with a full disclaimer of conclusion from statutory auditors.
Why it mattersThe company is undergoing insolvency proceedings with accounting on a liquidation basis, posing severe risks of equity dilution or complete write-off depending on the CIRP outcome.
Edayar Zinc Guarantee Claim: INR 8,025 LakhsLoss Allowance Provision: INR 2,149.10 LakhsDisputed Land Sale Consideration: Rs. 3,500 lakhsBNP Paribas Fixed Deposit Balance: INR 169.95 Lakhs
📅 Short termTrading sentiment remains severely constrained by ongoing insolvency proceedings, board suspension, and audit disclaimers.
📈 Long termInsolvency resolution plans under IBC typically entail substantial haircuts for creditors and severe dilution or delisting for existing equity shareholders.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP) ongoing under IBC
- Auditor disclaimer of conclusion on quarterly results
- Unresolved corporate guarantee liabilities of INR 8,025 Lakhs
- Liquidation basis of accounting applied
Key Highlights
Auditors issued a Disclaimer of Conclusion on the Q1 FY27 financial results prepared on a liquidation basis.
Outstanding corporate guarantee claims admitted by lenders for Edayar Zinc Limited stand at INR 8,025 Lakhs.
Company maintained an existing loss allowance provision of INR 2,149.10 Lakhs under Ind AS 109.
Assets held for sale remain carried at book values as CIRP valuation reports were not shared with auditors.
Fixed deposit carrying value with BNP Paribas Bank stood at INR 169.95 Lakhs as of June 30, 2026.
👀 What to Watch
Track the progress of the Corporate Insolvency Resolution Process (CIRP), resolution plan evaluations by the Committee of Creditors, and proceedings before the NCLT Kolkata Bench.
BIL Vyapar: CoC Notes Q1 Results; Auditor Issues Disclaimer on INR 8,025 Lakh Guarantee Claims
BIL Vyapar Limited held its 19th Committee of Creditors (CoC) meeting on August 14, 2026, to note the unaudited financial results for the quarter ended June 30, 2026. Statutory auditor TLB & Co. issued a Disclaimer of Conclusion, highlighting unquantified exposures from INR 8,025 Lakhs (INR 80.25 Cr) in corporate guarantees claimed by lenders of erstwhile subsidiary Edayar Zinc Limited against an existing provision of INR 2,149.10 Lakhs. In addition, registered valuer reports for assets held for sale were withheld from the auditors due to confidentiality, preventing impairment assessments. The company continues under Corporate Insolvency Resolution Process (CIRP) with potential resolution plans under evaluation.
Confidence: HIGH
What changedThe CoC noted the Q1 results for the quarter ended June 30, 2026, accompanied by an auditor disclaimer of conclusion regarding substantial unquantified liabilities and unverified asset values.
Why it mattersOperating under liquidation accounting and CIRP with admitted guarantee claims of INR 80.25 Cr creates a high risk of complete equity dilution or write-down for public shareholders.
EZL Corporate Guarantee Claim: INR 8,025 LakhsLoss Allowance Provision: INR 2,149.10 LakhsDisputed Land Consideration: Rs. 3,500 lakhsBNP Paribas Fixed Deposit Balance: INR 169.95 Lakhs
📅 Short termTrading remains driven by insolvency resolution developments and litigation updates at NCLT Kolkata.
📈 Long termValue realization for equity investors remains remote as outcomes under IBC resolution or liquidation typically prioritize financial and operational creditors.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Auditor Disclaimer of Conclusion on financial statements
- Unreleased corporate guarantee claims of INR 8,025 Lakhs admitted in CIRP
- Active litigation regarding past asset sales
Key Highlights
Auditors issued a Disclaimer of Conclusion on unaudited financial results for the quarter ended June 30, 2026.
Outstanding corporate guarantees claimed by lenders for Edayar Zinc Limited stand at INR 8,025 Lakhs, against provisions of INR 2,149.10 Lakhs.
Valuation reports of Assets Held for Sale were withheld as confidential, preventing auditors from verifying carrying values of Land and Buildings.
Court dispute ongoing over Wada land sold earlier for Rs. 3,500 Lakhs, with an interim injunction restraining alienation granted on April 6, 2026.
👀 What to Watch
Track the outcome of resolution plan evaluations by the Committee of Creditors and subsequent orders from the Kolkata NCLT.
Aug 4: Bil Vyapar Appoints RNM & Associates as Auditor Following TLB & Co. Resignation
Bil Vyapar Limited (formerly Binani Industries Limited) has announced a change in its statutory auditors effective August 4, 2026. The Committee of Creditors (CoC) accepted the resignation of TLB & Co., who cited pre-occupation with other professional commitments as the reason for their exit. RNM & Associates, a firm with 6 partners and 4 branches, has been appointed as the new auditor subject to shareholder approval. This change is significant given the company's ongoing insolvency process and a 68.1% decline in share price over the past year.
Confidence: HIGH
What changedThe statutory auditor was replaced by the Committee of Creditors from TLB & Co. to RNM & Associates.
Why it mattersAuditor changes in companies under insolvency (CoC) are critical for ensuring the reliability of financial data during the resolution process.
Date of resignation: August 04, 202612-month price return: -68.1%New auditor partners: 6New auditor branch offices: 4
📅 Short termNeutral to cautious; the market typically views auditor changes in distressed firms with scrutiny regarding financial transparency.
📈 Long termThe new auditor's reports will be essential for any potential restructuring or liquidation outcome during the insolvency process.
⚠ Risk flags
- Auditor resignation in distressed company
- Insolvency proceedings (CoC involvement)
- 68.1% annual price decline
Key Highlights
Resignation of TLB & Co. accepted by the Committee of Creditors on August 4, 2026
RNM & Associates appointed as new Statutory Auditor with 6 partners and 4 branch offices
Outgoing auditor cited pre-occupation with other professional commitments for the resignation
Company stock has seen a -68.1% price return over the last 12 months
👀 What to Watch
Monitor the upcoming Annual General Meeting for the confirmation of the new auditor and review the next financial statements for any potential audit qualifications or adjustments.
17th Committee of Creditors Meeting Scheduled for BIL Vyapar Under CIRP
BIL Vyapar Limited (formerly Binani Industries) has scheduled its 17th Committee of Creditors (CoC) meeting for July 17, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP), meaning its operations and future are under the control of creditors and a Resolution Professional. These meetings are critical for evaluating resolution plans that determine if the company will be revived or liquidated. Equity shareholders typically face high risks of significant dilution or total loss in such proceedings.
Confidence: HIGH
What changedThe insolvency process has reached its 17th formal meeting of creditors, indicating ongoing negotiations or deliberations regarding the company's debt resolution.
Why it mattersThe CoC's decisions are binding and will determine whether the company survives as a going concern. For equity investors, these proceedings often result in the cancellation or massive dilution of existing shares.
Meeting Number: 17thMeeting Date: 17th July, 2026Process Status: Under CIRP
📅 Short termExpect continued volatility and limited liquidity as the market reacts to the uncertainty of the insolvency outcome.
📈 Long termThe long-term outlook is entirely dependent on the NCLT-approved resolution plan; historically, equity holders receive little to no value in such settlements.
⚠ Risk flags
- High risk of equity wipe-out
- Liquidation risk
- Insolvency proceedings uncertainty
Key Highlights
17th formal meeting of the Committee of Creditors (CoC) convened
Meeting scheduled to be held on July 17, 2026
Company continues to operate under the Corporate Insolvency Resolution Process (CIRP)
Disclosure made under Regulation 30 of SEBI LODR requirements
👀 What to Watch
Monitor subsequent filings for the outcome of this meeting, specifically regarding the approval of any resolution plan or a decision to move toward liquidation.
BILVYAPAR CoC Opens Resolution Plans; Ratifies ₹6.8 Lakh Expenses in 14th Meeting
BIL Vyapar Limited, currently under Corporate Insolvency Resolution Process (CIRP), held its 14th Committee of Creditors (CoC) meeting to progress the resolution. The CoC opened and discussed resolution plans received for the company and ratified the submission deadline extension to June 18, 2026. Additionally, the committee reviewed an Asset Tracing Report and a Transaction Audit Report while ratifying CIRP expenses of ₹6,80,822.19. The outcome of these resolution plans will determine the company's survival and the eventual value for stakeholders.
Confidence: HIGH
What changedThe insolvency process has advanced to the critical stage of opening and discussing formal resolution plans from potential bidders.
Why it mattersThis is a survival event for the company; the successful selection and approval of a resolution plan is the only path to avoid liquidation, though equity holders are typically last in the priority of claims.
CoC Meeting Number: 14thRatified Expenses: ₹6,80,822.19Resolution Plan Deadline: 18th JuneAsset Tracing Report Status: Noted
📅 Short termExpect continued uncertainty and high volatility as the market awaits news on which resolution plan (if any) is selected by the CoC.
📈 Long termThe long-term outlook is entirely dependent on the CIRP outcome; if a plan is approved, the company may undergo a complete structural and ownership overhaul.
⚠ Risk flags
- Total loss of equity value
- Potential delisting
- Transaction audit findings
- Liquidation risk if plans are rejected
Key Highlights
14th meeting of the Committee of Creditors (CoC) conducted to evaluate the insolvency resolution progress.
Resolution plans received after the observation period were opened and discussed by the committee.
Ratified specific CIRP-related expenses amounting to ₹6,80,822.19.
Ratified the extension of time granted for the submission of resolution plans until June 18, 2026.
Noted the findings of the Asset Tracing Report and the Transaction Audit Report identifying specific transactions.
👀 What to Watch
Investors should closely monitor the NCLT's eventual decision on the resolution plans, as CIRP outcomes often involve significant equity dilution or delisting which can result in total loss for retail shareholders.
₹217 Cr Accumulated Losses: BIL Vyapar Auditors Issue Disclaimer of Opinion for FY26
BIL Vyapar (formerly Binani Industries), currently under Corporate Insolvency Resolution Process (CIRP), has reported FY26 results with a 'Disclaimer of Opinion' from auditors. The company's net worth is fully eroded with accumulated losses of ₹21,766.17 lakhs, and it is now accounting on a liquidation basis rather than a going concern. Auditors were unable to verify asset valuations or the status of ₹8,025 lakhs in corporate guarantees, while liabilities exceed assets by ₹18,627.68 lakhs.
Confidence: HIGH
What changedThe company has officially moved to a liquidation basis of accounting, and auditors have formally stated they cannot provide an opinion on the financial accuracy of the FY26 results.
Why it mattersThis filing confirms the company is no longer a going concern, with liabilities significantly outweighing assets, which typically precedes a major restructuring or liquidation where equity value is at risk.
Accumulated Losses: INR 21,766.17 lakhsLiabilities exceeding Assets: INR 18,627.68 lakhsEZL Corporate Guarantee: INR 8,025 lakhsIncome Tax Receivables: INR 1,145.97 lakhsUnaccounted Loss (Ahmedabad Property): INR 33.51 lakhs
📅 Short termNegative sentiment is expected to persist as the auditor's disclaimer highlights a lack of transparency and severe financial distress.
📈 Long termThe company's future depends entirely on the CIRP outcome; the current financial state suggests limited to no recovery for equity shareholders.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- Disclaimer of Opinion by Auditors
- Full erosion of Net Worth
- Liquidation basis of accounting
- Legal disputes over land assets
Key Highlights
Accumulated losses reached INR 21,766.17 lakhs as of March 31, 2026, resulting in total net worth erosion.
Liabilities exceed total assets by INR 18,627.68 lakhs, leading to the adoption of liquidation-basis accounting.
Auditors issued a Disclaimer of Opinion, citing lack of access to confidential valuation reports for land and buildings.
Outstanding corporate guarantees of INR 8,025 lakhs for Edayar Zinc Limited remain admitted in CIRP despite a third-party settlement attempt.
Income Tax receivables of INR 1,145.97 lakhs are considered uncertain for recovery due to lack of reconciliation records.
👀 What to Watch
Investors should monitor the NCLT proceedings and the eventual resolution plan; however, the liquidation-basis accounting and massive liability gap suggest extremely high risk for equity holders.
BILVYAPAR CoC Approves Final Negotiations and Challenge Mechanism for Resolution Applicants
BIL Vyapar Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has concluded its 16th Committee of Creditors (CoC) meeting. The CoC approved the agenda to conduct final negotiations and a 'Challenge Mechanism' with the resolution applicants. This follows the framework established in the 15th CoC meeting to finalize a resolution plan for the company. The outcome of this process will determine the future ownership and the recovery value for creditors.
Confidence: HIGH
What changedThe insolvency process has progressed to the final negotiation and bidding stage (Challenge Mechanism) with potential acquirers.
Why it mattersThis is a critical stage in the IBC process that will determine if the company continues as a going concern and whether any residual value remains for existing equity shareholders.
CoC Meeting Number: 16thMeeting Date: 06th July, 2026Resolution Applicants: not disclosed
📅 Short termThe stock is likely to remain under pressure or subject to trading restrictions; news regarding the highest bidder in the Challenge Mechanism will be the primary driver.
📈 Long termThe long-term outlook is entirely dependent on the NCLT-approved resolution plan, which typically prioritizes secured creditors over equity shareholders.
⚠ Risk flags
- Total loss of equity value possible under IBC
- Potential delisting from exchanges
- Uncertainty regarding the identity and capability of resolution applicants
Key Highlights
16th Meeting of the Committee of Creditors (CoC) held on July 6, 2026
Approval granted for final negotiations with resolution applicants
Implementation of a 'Challenge Mechanism' to maximize value from bidders
Process follows decisions and confirmations made during the 15th CoC meeting
👀 What to Watch
Monitor the outcome of the Challenge Mechanism and the subsequent submission of the resolution plan to the NCLT. Investors should be cautious as CIRP outcomes frequently involve significant equity dilution or delisting.
BILVYAPAR 16th CoC Meeting: Final Negotiations and Challenge Mechanism Approved for Resolution
BIL Vyapar Limited, currently under the Corporate Insolvency Resolution Process (CIRP), held its 16th Committee of Creditors (CoC) meeting on July 6, 2026. The CoC has approved the commencement of final negotiations and a Challenge Mechanism with resolution applicants. This follows the framework established during the 15th CoC meeting. The outcome of this process will determine the successful bidder and the eventual resolution plan for the company.
Confidence: HIGH
What changedThe insolvency process has advanced from general discussions to the final bidding and negotiation stage with potential acquirers.
Why it mattersThis stage is critical as it determines the recovery for creditors and whether the company will continue as a going concern under new management.
CoC Meeting Number: 16thReference Meeting: 15thResolution Applicants: not disclosed
📅 Short termThe stock may experience high volatility as the market speculates on the identity of resolution applicants and the potential recovery value.
📈 Long termThe long-term survival of the company depends entirely on the NCLT's approval of a viable resolution plan, which typically involves a change in control.
⚠ Risk flags
- Equity dilution or cancellation
- Insolvency process uncertainty
- Legal and regulatory delays
Key Highlights
16th meeting of the Committee of Creditors (CoC) concluded successfully.
Approval granted for final negotiations with resolution applicants.
Implementation of a Challenge Mechanism to optimize the resolution value.
Process aligns with decisions previously confirmed in the 15th CoC meeting.
👀 What to Watch
Investors should monitor subsequent disclosures regarding the selection of the H1 bidder and the specific terms of the resolution plan submitted to the NCLT. Note that equity shareholders often face significant value erosion or cancellation in insolvency proceedings.
BILVYAPAR CoC Discusses Negotiation Strategy with Resolution Applicants in 15th Meeting
BIL Vyapar Limited, currently under Corporate Insolvency Resolution Process (CIRP), held its 15th Committee of Creditors (CoC) meeting on July 3, 2026. The meeting focused on defining the protocol for negotiations and challenges with potential Resolution Applicants. This indicates the insolvency process is progressing toward the evaluation of bids to revive the company. However, specific bid values and the identity of applicants remain undisclosed in this filing.
Confidence: HIGH
What changedThe Committee of Creditors has moved to the stage of formalizing how they will negotiate with and challenge the bids submitted by potential acquirers.
Why it mattersThis is a critical phase of the insolvency process that will determine if the company can be successfully revived and what value, if any, will remain for stakeholders.
CoC Meeting Number: 15thDate of Meeting: July 3, 2026Resolution Applicants Count: not disclosed
📅 Short termExpect continued volatility or restricted trading as the market reacts to the progress of the insolvency proceedings.
📈 Long termThe long-term outlook is entirely dependent on the NCLT's final approval of a resolution plan, which typically prioritizes secured creditors over equity shareholders.
⚠ Risk flags
- Insolvency proceedings (CIRP)
- Potential for total equity wipe-out
- Lack of operational control by original promoters
Key Highlights
15th meeting of the Committee of Creditors (CoC) held on July 3, 2026
CoC approved the agenda to discuss negotiation and challenge mechanisms for Resolution Applicants
Company is operating under the Corporate Insolvency Resolution Process (CIRP) framework
Disclosure made under Regulation 30 of SEBI LODR regarding insolvency proceedings
👀 What to Watch
Monitor upcoming disclosures regarding the selection of a successful Resolution Applicant and the terms of the resolution plan. Investors should be aware that equity shareholders often face significant dilution or total write-offs in NCLT-approved resolution plans.
BIL Vyapar Limited Schedules 14th Committee of Creditors (CoC) Meeting
BIL Vyapar Limited, formerly known as Binani Industries Limited, has announced its 14th Committee of Creditors (CoC) meeting scheduled for June 22, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. This meeting is a critical step in the ongoing resolution process to determine the company's future and debt restructuring. The disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations.
Key Highlights
The 14th meeting of the Committee of Creditors (CoC) is convened for June 22, 2026.
Company is currently under the Corporate Insolvency Resolution Process (CIRP).
BIL Vyapar Limited was formerly known as Binani Industries Limited (Scrip Code: 500059).
Disclosure follows requirements of Para 16(g) of Part A of Schedule III of SEBI LODR.
👀 What to Watch
Investors should remain cautious as the company is in insolvency; equity value is at high risk of being significantly diluted or extinguished depending on the approved resolution plan.
BIL Vyapar 12th CoC Meeting: FY26 Income at ₹1.73 Cr; Fraud Suspected in ₹1.5 Cr Land Sale
BIL Vyapar Limited, currently under the Corporate Insolvency Resolution Process (CIRP), reported a standalone income of ₹1.73 crore for FY26, primarily derived from interest on fixed deposits. The Resolution Professional (RP) has identified a potential fraudulent transaction involving the company's Sirohi land, valued at ₹1.5 crore in the books, which appears to have been sold to 45 different parties without authorization. Furthermore, the company's US-based subsidiary, Global Composite Holdings Inc., was dissolved on May 21, 2026, without prior notice to the RP. The Committee of Creditors, led by Punjab National Bank with an 80.08% voting share, is currently vetting resolution plans from prospective applicants.
Key Highlights
Reported standalone income of ₹1.73 crore for FY26 with a net loss of ₹3.34 lakhs; company has no current operations.
RP to file an avoidance application for fraudulent transactions regarding Sirohi land (book value ₹1.5 crore) sold to 45 parties.
Global Composite Holdings Inc. (USA subsidiary) dissolved on May 21, 2026, without intimation to the Resolution Professional.
Punjab National Bank dominates the Committee of Creditors with a total voting share of 80.08%.
Resolution plans from prospective applicants are currently under technical vetting and negotiation.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency with no operations and significant legal disputes regarding asset stripping. The final recovery for shareholders is highly uncertain and depends on the NCLT's approval of a resolution plan.
BIL Vyapar Reports FY26 Results Under CIRP; Auditors Issue Disclaimer of Opinion
BIL Vyapar Limited (formerly Binani Industries) has released its FY26 financial results while undergoing Corporate Insolvency Resolution Process (CIRP). The statutory auditors have issued a Disclaimer of Opinion, stating they could not obtain sufficient evidence to provide a basis for an audit opinion. The company's net worth is completely eroded with accumulated losses of INR 21,766.17 lakhs, and current liabilities exceed current assets by INR 18,627.68 lakhs. Consequently, the financial statements have been prepared on a liquidation basis rather than as a going concern.
Key Highlights
Auditors issued a Disclaimer of Opinion for FY26 due to lack of evidence on asset valuations and liabilities.
Accumulated losses reached INR 21,766.17 lakhs, resulting in total erosion of net worth.
Current liabilities exceed current assets by INR 18,627.68 lakhs as of March 31, 2026.
Financials are prepared on a liquidation basis as the 'going concern' assumption is no longer valid.
Outstanding corporate guarantees of INR 8,025 lakhs for Edayar Zinc Limited remain a significant admitted claim.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings and the auditors cannot verify the financial statements. The preparation of accounts on a liquidation basis indicates a high risk that equity shareholders may receive little to no value during the resolution process.
BIL Vyapar Reports FY26 Results Under CIRP; Auditors Issue Disclaimer of Opinion
BIL Vyapar Limited (formerly Binani Industries) reported its FY26 results under the Corporate Insolvency Resolution Process (CIRP), with the Committee of Creditors approving the financials. The auditors have issued a 'Disclaimer of Opinion,' stating they cannot verify asset valuations, corporate guarantees of ₹80.25 crore, or the status of various land parcels. The company's net worth is completely eroded with accumulated losses of ₹217.66 crore, and the accounts have been prepared on a liquidation basis. Significant uncertainties remain regarding the recoverability of ₹11.46 crore in tax receivables and the impact of ongoing legal disputes.
Key Highlights
Auditors issued a Disclaimer of Opinion for FY26 due to lack of sufficient audit evidence on key financial matters.
Accumulated losses reached ₹217.66 crore, with current liabilities exceeding current assets by ₹186.28 crore.
Financial statements are prepared on a 'Liquidation Basis' as the going concern assumption is no longer valid.
Outstanding corporate guarantees of ₹80.25 crore for Edayar Zinc Limited remain admitted claims in the CIRP.
Discrepancies found in land records, including Sirohi land still on books despite being sold in earlier years.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency and the auditor's disclaimer suggests financial records may not be reliable. Equity value is at high risk of being completely wiped out during the resolution or liquidation process.
BIL Vyapar Reports Full Net Worth Erosion; Auditors Issue Disclaimer on FY26 Results
BIL Vyapar Limited (formerly Binani Industries) is currently under the Corporate Insolvency Resolution Process (CIRP), with its Board of Directors suspended. The company reported accumulated losses of ₹21,766.17 lakhs as of March 31, 2026, resulting in a total erosion of net worth. Statutory auditors have issued a 'Disclaimer of Opinion' due to significant uncertainties, including lack of access to asset valuation reports and discrepancies in land records. Consequently, the financial statements have been prepared on a liquidation basis rather than as a going concern.
Key Highlights
Accumulated losses reached ₹21,766.17 lakhs, with current liabilities exceeding current assets by ₹18,627.68 lakhs.
Statutory auditors issued a 'Disclaimer of Opinion' for FY26, citing inability to obtain sufficient appropriate audit evidence.
Financial results are prepared on a 'liquidation basis' as the going concern assumption is no longer appropriate.
Lenders have admitted claims of ₹8,025 lakhs related to corporate guarantees for Edayar Zinc Limited.
Discrepancies found in asset records, including a property in Ahmedabad sold at a loss of ₹33.51 lakhs that was not accounted for in the books.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings and its net worth is completely eroded. In such liquidation scenarios, equity shareholders typically stand last in the priority of claims and may face a total loss of capital.
BIL Vyapar CoC Approves ₹4.59 Lakh Expenses and Appoints Valuers in 11th Meeting
BIL Vyapar Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has disclosed the minutes of its 11th Committee of Creditors (CoC) meeting. The CoC ratified operational expenses totaling ₹4,59,155.98 and approved the appointment of two coordinating valuation entities. These appointments, including R&A Valuation and G N Fair Valuation at fees of ₹60,000 each, are critical steps in determining the company's asset value for the resolution process.
Key Highlights
Ratified insolvency-related expenses amounting to ₹4,59,155.98.
Appointed R&A Valuation entity as a Co-ordinating Valuer for a fee of ₹60,000 plus taxes.
Approved G N Fair Valuation Pvt Ltd as a second Co-ordinating Valuer for a fee of ₹60,000 plus taxes.
Ratified the appointment and professional fees for Namawala Associates in the CIRP matter.
👀 What to Watch
Investors should remain cautious as the company is under CIRP, which typically involves high risk for equity holders; monitor future disclosures regarding the final resolution plan and recovery values.
BIL Vyapar Limited Schedules 11th Committee of Creditors Meeting for May 19, 2026
BIL Vyapar Limited, formerly known as Binani Industries Limited, has announced the 11th meeting of its Committee of Creditors (CoC) scheduled for May 19, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. This meeting is a critical step in the ongoing legal efforts to resolve the company's debt and determine its future viability. Equity shareholders should remain cautious as insolvency proceedings often result in significant restructuring or liquidation.
Key Highlights
11th meeting of the Committee of Creditors (CoC) to be held on May 19, 2026.
Company is currently under the Corporate Insolvency Resolution Process (CIRP).
Disclosure made pursuant to Regulation 30 and Para 16(g) of SEBI LODR Regulations.
BIL Vyapar Limited was formerly known as Binani Industries Limited (NSE: BILVYAPAR).
👀 What to Watch
Investors should exercise extreme caution as equity value is typically at high risk during insolvency proceedings. Monitor for updates regarding any approved resolution plans or liquidation orders.
BIL Vyapar Cites CIRP for Non-Applicability of Corporate Governance Reporting for Q4 FY26
BIL Vyapar Limited (formerly Binani Industries Limited) has informed stock exchanges that Regulation 27 regarding Corporate Governance reporting is not applicable for the quarter and year ended March 31, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP), which commenced on January 13, 2026. Ms. Rachana Jhunjhunwala has been appointed as the Resolution Professional to oversee the company's affairs. Under SEBI Regulation 15, companies under CIRP are exempt from specific governance compliance filings.
Key Highlights
Company entered Corporate Insolvency Resolution Process (CIRP) effective January 13, 2026.
Ms. Rachana Jhunjhunwala appointed as the Resolution Professional for the insolvency proceedings.
Exemption from Regulation 27 (Corporate Governance) claimed for the fourth quarter and full year ended March 31, 2026.
The filing follows SEBI (LODR) Regulation 15 which provides relief to companies under insolvency.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings, which often results in significant equity dilution or delisting. Monitor the progress of the resolution plan for any updates on potential recovery value for shareholders.
BIL Vyapar CoC Discusses Resolution Plan Extension and Valuation in 8th Meeting
BIL Vyapar Limited, currently under the Corporate Insolvency Resolution Process (CIRP), held its 8th Committee of Creditors (CoC) meeting on April 30, 2026. The CoC discussed a request from a prospective resolution applicant for an extension of time to submit a resolution plan. The meeting also addressed the appointment of a co-ordinating valuer and the approval of CIRP costs. Furthermore, the committee is seeking a new accountant to prepare accounts for audit as the previous auditor expressed inability to perform the task.
Key Highlights
Prospective resolution applicant has requested an extension of time for the submission of the Resolution Plan.
CoC noted the valuation methodology and approved the appointment of a Co-ordinating Valuer.
Committee of Creditors officially took note of and approved the CIRP costs incurred.
Search for a new accountant initiated to prepare accounts for audit purposes following the withdrawal of the previous auditor.
👀 What to Watch
Equity shareholders should exercise extreme caution as CIRP proceedings often lead to significant capital erosion or delisting. Monitor the outcome of the resolution plan submission and the valuation reports to understand potential recovery values.
