BIL Vyapar Limited, formerly known as Binani Industries Limited, has achieved a significant milestone in its corporate insolvency resolution process with the formation of the Committee of Creditors (CoC) on December 13, 2025. The company entered into the insolvency resolution process following an order by the National Company Law Tribunal (NCLT) on November 13, 2025.

Committee of Creditors Formation

Interim Resolution Professional CA Subodh Kumar Agrawal has constituted the Committee of Creditors in accordance with Section 18 and 21 of the Insolvency and Bankruptcy Code, 2016. The committee comprises financial creditors who will play a crucial role in the resolution process.

Key Process Details

The insolvency resolution process timeline remains structured with specific milestones:

Related Party Exclusions

Triton Trading Co. Pvt. Ltd., identified as a related party with claims worth ₹51.77 crores, has been excluded from voting rights in the Committee of Creditors as per Section 21(2) of the Insolvency and Bankruptcy Code. Related parties do not have representation, participation, or voting rights in creditor meetings.

Current Status and Implications

The formation of the Committee of Creditors marks a critical phase in the resolution process, as these creditors will now evaluate and vote on resolution plans submitted for BIL Vyapar Limited. The company's affairs, business, and assets continue to be managed by the Interim Resolution Professional under NCLT supervision.

The suspended Board of Directors includes Managing Director Archana Manoj Shroff and several other directors who remain as participants without decision-making authority during the resolution process. All stakeholders have been notified of the Committee formation as required under regulatory compliance.

Bil Vyapar Limited (formerly Binani Industries Limited) has reported concerning financial results for the half-year ended September 30, 2025, raising questions about the company's future operations. The company's board of directors approved the unaudited financial results in a meeting held on November 12, 2025.

Financial Performance

The company's financial situation has deteriorated significantly compared to the previous year:

Liquidation Basis Accounting

In a significant development, BIL Vyapar's financial results have been prepared on a liquidation basis rather than a going concern assumption. This change in accounting approach is due to:

1. The absence of a concrete business plan
2. The operational support commitment from the promoter, Triton Trading Company Private Limited

Legal Proceedings

The company is facing ongoing legal challenges:

• Punjab National Bank has initiated proceedings at the National Company Law Tribunal (NCLT) Kolkata
• The case concerns the recovery of outstanding dues
• A hearing took place on September 15, 2025, with the matter currently reserved for order

Financial Provisions

BIL Vyapar has made provisions for potential financial obligations:

• Rs 2,149.00 lakh set aside for loss allowances
• These allowances relate to corporate guarantees and letters of comfort given to former subsidiaries

The company's financial health remains precarious, with total liabilities significantly exceeding its assets. The shift to liquidation basis accounting signals serious concerns about BIL Vyapar's ability to continue as a going concern, despite the operational support commitment from its promoter.

Investors and stakeholders should closely monitor further developments, particularly the outcome of the NCLT proceedings and any potential restructuring plans that may be announced in the future.