Binani Cement

Investors baffled as DHFL had a market valuation of Rs 941 cr on Monday, with its stock trading at Rs 30 a share even after the company was sent for bankruptcy proceedings

Most regions show cement prices per 50 kg bag to have improved by 0.7-5.0 per cent, while average prices in South India are still down 0.4 per cent.

The last part of the series on the Insolvency and Bankruptcy Code takes a look at how Ultratech's acquisition of Binani helped it become North India's biggest cement firm by capacity

The acquisition has provided UltraTech "immediate earnings with ready to use assets"

Shares of IFCI settled at Rs 13.71 per scrip, up 0.81%, on the BSE

Lenders not to invoke guarantee against Braj Binani; UltraTech boosts production capacity

However, takeover will help cement firm to widen leadership gap in northern market

The order will probably set a precedent for other companies in insolvency proceedings and may jeopardize the 270-day timeline laid down to resolve such cases

The operational creditors are claiming parity with financial creditors, and now their plea has been clubbed with another petition by Sanjay Singal, chairman and managing director of BPSL.

Sources suggested the SC order might be aimed at an speedier closure of the litigation process

Piramal and Birla are pitted against each other in the National Company Law Tribunal (NCLT) process for the acquisition of Binani Cement

UltraTech paid Rs 6.52 bn to the lenders after they issued it Letter of Intent

Aditya Birla group company emerges highest bidder with Rs 79.60 bn proposal

NCLT has set June 24 as deadline for resolution, failing which Binani Cement will face liquidation

Sources suggested that Dalmia Bharat may consider revision of the offer only after the May 22 hearing in NCLAT

A source close to Dalmia Bharat explained that the Supreme Court ruling on Thursday on its appeal hasn't closed the door for it for further appeal

Binani Cement had failed to conclude an out-of-court settlement with its lenders

Dalmia Bharat's primary argument in the petition rests on the claim that the Kolkata bench of NCLT did not follow the due process of law as mandated under the IBC

Sources say only UltraTech's proposal will be discussed and if accepted, lenders will ask Dalmia Bharat Cement-led consortium to match it

The NCLT has ordered the CoC to consider UltraTech Cement and Dalmia Bharat Cement's offers, while bearing in mind the objective of IBC, which is value maximisation