Mon, Apr 16, 2018
The planned move comes after the Supreme Court last week rejected the demand for an out-of-court settlement between the promoter Binani Industries and UltraTech, the cement arm of Aditya Birla group. As per the plans, the operational creditors would now press for charges, including misrepresentation by the resolution professional, discrimination against different classes of operational creditors, non-verification of their claims and also question the constitutional validity of the Insolvency and Bankruptcy Code (IBC)
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Fri, Apr 13, 2018
No doubt, Binani’s Cement plant in Rajasthan would help Ultratech consolidate and grow its capacity. Ultratech also has the financial heft to follow an inorganic growth path as testified by the acquisition of JP Associates’ cement assets. But it did bid for Binani Cement, and lost out to competitor Dalmia Bharat which made on offer of Rs 6350cr plus 20% equity for creditors.
Sun, Apr 08, 2018
"We are moving the Supreme Court for sure. We have assurance of support from most of the lenders for this move," a Binani group spokesman told
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