You are here: Home » PTI Stories » National » News
Business Standard

Binani files plea to terminate insolvency proceedings of its cement unit

A two-judge bench headed by Justice S J Mukhopadhaya issued notice to BIL; however, it refused to stay the settlement process

Press Trust of India  |  New Delhi 

Binani cement

Ltd today said it has filed application for termination of resolution process of its Ltd (BCL).

Ltd (BIL) has received an offer from the firm to transfer its 98.43 per cent stake in BCL for Rs 72 billion.

However, the deal was subject to ending the proceedings against BCL, whose Credit of Creditors (CoC) led by has approved Rs 63 billion bid from group's wholly-owned subsidiary, Rajputana Properties Ltd.

"Ltd has filed an application for termination of the company and resolution proceedings (CIRP) of its subsidiary Binani Cements Ltd and the matter is sub-judice," said BIL in a regulatory filing without naming the forum, where it has approached.

It further added: "We will keep the exchanges informed as soon as a final decision of other reportable event occurs."

Meanwhile, today, Rajputana Properties, moved the (NCLAT) seeking stay of the settlement process considered by BCL's

A two-judge bench headed by Justice S J Mukhopadhaya issued notice to BIL; however, it refused to stay the settlement process.

Earlier, on March 3, the NCLAT had granted "liberty to the parties to reach settlement".

group's offer to pay Rs 63 billion for was selected by of the company.

However, later, Cement entered into an agreement with BIL to buy 98.43 per cent stake in BCL. It had also agreed to issue a comfort letter to provide Rs 72 billion to for ending insolvency proceedings against

All the parties are presently entangled in litigations before the Kolkata bench of NCLT and NCLAT.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, April 05 2018. 20:00 IST
RECOMMENDED FOR YOU