Business Standard

Binani Cement's lenders meet today to discuss UltraTech-backed proposal

The CoC has already approved Dalmia Bharat Cement-led consortium's Rs 65-66 billion proposal

Binani Cement’s lenders meet today to discuss UltraTech-backed proposal
Premium

Binani Cement has debts of around ~40 billion and it is one of the rare cases where banks are not taking a haircut

Avishek Rakshit Kolkata
Acting upon the National Company Law Tribunal’s (NCLT’s) suggestion to consider Binani Cement’s proposal to pay back its lenders in an out-of-court settlement, the committee of creditors (CoC) will meet on Thursday to discuss the matter.

Sources said the merits, demerits and legal implications of the proposal would be discussed at the meeting.

The CoC has already approved Dalmia Bharat Cement-led consortium’s Rs 65-66 billion proposal. It has issued a letter of intent (LoI) to Dalmia Bharat Cement. The company, which is the H1 bidder, has deposited Rs 3 billion with the lenders to honour the LoI. Binani Cement’s proposal is for

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 28 2018 | 9:42 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com