Insolvency resolution: Binani's CoC vote on UltraTech offer on Monday

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

Even as the Dalmia Bharat-led consortium has moved the Supreme Court asking UltraTech Cement be disqualified to bid for the stressed assets of Binani Cement, the Rs 79.60 billion proposal will be put to vote on Monday by Binani Cement’s Committee of Creditors (CoC).
 
“The NCLT (National Company Law Tribunal) has to be apprised about its order on June 4 and by then we need to select the successful bidder and issue a Letter of Intent. Hence, despite Dalmia Bharat moving the Supreme Court, we will put UltraTech’s proposal to vote,” said one of the leading lenders to Binani