BIL Vyapar Limited (formerly Binani Industries Limited) has announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, marking a significant development in the company's ongoing Corporate Insolvency Resolution Process. The Committee of Creditors approved these financial results in their meeting held on February 13, 2026, demonstrating continued progress in the structured resolution framework.

Financial Performance Overview

The company reported total income of ₹22.70 lakh for the nine months ended December 31, 2025, compared to ₹0.03 lakh in the corresponding period of the previous year. For the third quarter alone, BIL Vyapar recorded total income of ₹22.65 lakh against ₹0.01 lakh in Q3FY25, showing substantial improvement in operational activity.

Balance Sheet Position and Capital Structure

As of December 31, 2025, BIL Vyapar's financial position reflects the challenges faced during the insolvency process. The company's accumulated losses stood at ₹21,906.99 lakh, which has completely eroded its paid-up equity capital of ₹3,138.49 lakh. The company's liabilities exceeded its total assets by ₹18,768.50 lakh, indicating significant financial distress.

Resolution Professional Management

Ms. Rachna Jhunjhunwala continues to serve as Resolution Professional with IBBI Registration Number IBBI/IPA-001/IP-P00389/2017-18/10707, having replaced Mr. Subodh Kumar Agrawal as Interim Resolution Professional. The transition was formalized through NCLT order dated January 13, 2026, received on February 4, 2026, ensuring continuity in the Corporate Insolvency Resolution Process management.

Liquidation Basis Accounting and Going Concern

The financial results have been prepared on a liquidation basis rather than going concern, reflecting the company's current circumstances under CIRP. Assets are measured at the lower of carrying amount and estimated net realizable value, while liabilities are stated at their estimated settlement amounts. This approach provides stakeholders with a more realistic assessment of the company's financial position during the resolution process.

Outstanding Guarantees and Contingent Liabilities

BIL Vyapar maintains significant exposure through corporate guarantees and letters of comfort provided to erstwhile subsidiaries. The company has outstanding liability of ₹8,025 lakh to banks and financial institutions on behalf of Edayer Zinc Limited, and ₹5,171.20 lakh for BIL Infratech Limited. The company has maintained provision for loss allowances amounting to ₹2,149.10 lakh as required by Ind AS 109.

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.