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How Birla's win in the battle for Binani reshapes India's bankruptcy focus

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

Kumar Mangalam Birla
Kumar Mangalam Birla

Billionaire Kumar Mangalam Birla’s victory in a courtroom battle for an indebted cement company will test India’s efforts to create a time-bound process to resolve one of the world’s biggest piles of stressed assets.   The Supreme Court on Monday upheld a lower tribunal’s verdict approving Birla’s $1.1 billion offer for indebted Binani Cement Ltd. Birla’s UltraTech Cement Ltd. had lost out initially to a bid from a Bain Capital Credit-backed consortium, only to return with an upgraded proposal that was challenged as being late and made once ...