Insolvency: UltraTech Cement to bear cost of Binani's legal proceedings

UltraTech Cement, which is in a legal battle to acquire bankruptcy-hit Binani Cement, has agreed to bear the costs arising out of the unending series of litigation on behalf of the lenders and the Committee of Creditors (CoC). 

The lenders had expressed concern about the rising costs of proceedings, while approving UltraTech's offer. They have put the onus on UltraTech to pay for the cost. The company agreed after some negotiations, sources told Business Standard.

"Lenders said had UltraTech not challenged the plan which the CoC had approved, the insolvency proceedings would be over and litigation costs would remain as