BIL Vyapar Limited (formerly Binani Industries Limited) announced the outcome of its 12th Committee of Creditors (CoC) meeting held on May 29, 2026. The CoC considered and approved the audited financial results, both standalone and consolidated, along with the audit report for the fourth quarter and the financial year ended March 31, 2026. The auditors provided an unmodified opinion on the audited financial results for the year ended March 31, 2026. The meeting commenced at 4:00 PM and concluded at 7:00 PM. The accompanying audit report highlights several significant matters and disclaimers of opinion. These include corporate guarantees given for Edayar Zinc Limited (EZL) and BIL Infratech Limited, with EZL entering a One Time Settlement (OTS) while lenders have filed claims against BIL Vyapar. The company's assets held for sale, including land and buildings, were valued by registered valuers, but these reports were confidential and not shared with auditors, leading to the assets being carried at book values. Further, the report notes a terminated MOU with Maharashtra Wood Based Industries for land sale, with a subsequent case filed by MWBIE. An agreement for sale of property in Ahmedabad was made on May 22, 2025, at a loss of ₹33.51 lakhs, which was not recognized in the current period. The company also continues to record Sirohi Land in its books despite it being sold and registered in earlier years. The company is under Corporate Insolvency Resolution Process (CIRP), and the financial statements are prepared on a liquidation basis due to accumulated losses of INR 21,766.17 lakhs and eroded net worth. The promoter company, Triton Trading Company Private Limited, has committed to provide operational support. The auditors could not verify income tax receivables and noted that the US subsidiary, which incurred significant consultant expenses, was liquidated in April 2026, with the impact on consolidated financials being indeterminate. A historical matter regarding a BNP Paribas Bank bond issued on behalf of Binani Metals Limited (now merged with BIL Vyapar) was settled, with a provision and term deposit adjusted accordingly. The auditors' opinion is not modified concerning the accumulated losses and the use of the liquidation basis of accounting.
