UltraTech Cement gets a second chance to takeover Binani Cement

During the bids for Binani Cement, UltraTech Cement lost out to the Dalmia Bharat Cement led consortium and came as a runner-up

On account of an order from the Kolkata bench of NCLT, extending the timeline to consider an out-of-court settlement, the Aditya Birla Group controlled UltraTech Cement has got its second chance to take control and possession of Binani Cement, whose resolution methodology under the IBC proceedings is turning out to be one of the hotly contested stressed asset sales.

On Monday, a panel of two-member judges extended the deadline for the Committee of Creditors (CoC) of the bankrupt Binani Cement till April 9 to consider a proposal mooted by the very promoters of this bankrupt cement maker which can potentially override