Page 2 - Binani Cement

NCLT Kolkata bench orders Binani lenders to consider UltraTech plan

The tribunal also provided scope to the Dalmia Bharat Cement led consortium to raise its bid over UltraTech Cement's revised offer

NCLT asks Binani Cement's CoC to consider UltratTech's revised bid

The NCLT bench also directed the CoC to consider Dalmia Bharat Group's RPPL resolution plan if it matches UltraTech's offer

Binani insolvency: UltraTech cites order on Bhushan, Dalmia rebuts plea

Dalmia Bharat, the top bidder for Binani Cement, said the two cases were different and the NCLT Delhi's order had no bearing on the matter

Apex court denies relief to Binani Cement operational creditors

Swiss Ribbons and other firms have alleged several provisions of the Insolvency and Bankruptcy code are invalid

Binani creditors' forum seeks audit of insolvency resolution process

The Binani Operational Creditors Forum (BOCF) today said it has sought a forensic audit of the insolvency resolution process of debt-ridden Binani Cement due to an alleged lack of transparency and step motherly treatment to Micro, Small & Medium Enterprises (MSME) players. The forum has filed a petition in the Supreme Court calling for a forensic audit of the process. The petition will come up for hearing next Thursday. Binani Cement owes about Rs 7,000 crore to financial and operational creditors. Even though Dalmia Bharat, with its offer of Rs 6,350 crore, had been voted as the highest bidder by lenders, things took a turn when Binani Industries approached UltraTech to buy out its stake in Binani Cement for Rs 7,618 crore, involving 100 per cent payout to both secured and unsecured lenders. The hearing of Operational Creditors (OCs), who are backing a higher offer by UltraTech Cement and the promoters of Binani Cement, will come up for hearing in the Supreme Court .

BJP's Kirit Somaiya backs allegations of fund siphoning by Binani promoters

Somaiya has previously raised several issues on the Augusta Westland deal, Bitcoin, black money, shell companies, Adarsh scam

Insolvency resolution: Binani's operational creditors move Supreme Court

Under the current framework of IBC, operational creditors are not a part of the Committee of Creditors and do not enjoy voting rights

Dalmia Bharat prepares its battle-plan for Friday as Binani Cement moves SC

Sources suggest that the Dalmia Bharat counsel is likely to touch upon these issues on Friday

Dalmia Cement confident of getting nod for Rs 63.5-bn offer for Binani

The next hearing of the matter will take place at the Kolkata bench of the NCLT on April 9

Insolvency proceedings: Binani Cement likely to move SC on UltraTech plan

Lenders ask company to seek clearance before approving out-of-court settlement

Road to insolvency: Binani promoters sweeten offer to lenders by Rs 2.5 bn

On Wednesday, the creditors had turned down the promoters' proposal for an out-of-court settlement, citing legal issues

Binani Cement lenders stick to Dalmia Bharat Cement's resolution plan

Lenders also asked Binani Cement to deposit Rs 7.5 bn and a bank guarantee to prove its sincerity towards the out-of-court settlement process

Banks to take a call on Wednesday on increased offer for Binani Cement

NCLAT approves the out-of-court resolution, admits Binani's plan; UltraTech-backed offer is Rs 7 bn more than the Dalmia Bharat Cement-led consortium's plan

UltraTech Cement gets a second chance to takeover Binani Cement

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 the agreement CoC has made with Dalmia Bharat Cement led consortium."We will be submitting our proposal to the CoC in a day or two. As an assurance that once the case is taken out of the court and then settled, we are also offering the CoC a 100 per cent bank guarantee to prove our intent that we will repay all the logical and legitimate lenders", Sameer Kaji, senior ...

Insolvency: Binani lenders refuse to consider UltraTech-backed proposal

Against Dalmia Bharat Cement led consortium's Rs. 65-66 billion proposal, Binani Cement's proposal stands at Rs. 72.66 billion

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

Acting upon NCLT's suggestion to consider Binani Cement's proposal to pay back its lenders in an out-of-court settlement, which may imply termination of IBC proceedings against this bankrupt company, the Committee of Creditors (CoC) will be meeting on Thursday to discuss the matter.Sources in the CoC told Business Standard that while the primary agenda of the meeting will be to discuss the merits and demerits of the proposal mooted by Binani Cement, discussions would also include legal implications as well."While it becomes crucial to protect the sanctity of the IBC procedure and follow the time-bound resolution process, we also need to abide by the Tribunal's observations even if it is not an order", a source in CoC told this newspaper.The CoC has already nodded to Dalmia Bharat Cement led consortium's Rs. 65-66 billion proposal and issued a Letter of Intent (LoI) to Dalmia Bharat Cement. In turn, this company, which is the H1 bidder, has deposited Rs. 3 billion with the lenders to ..

NCLT's bench suggests Out-Of-Court settlement between Binani and creditors

Binani Industries will use the funds to pay Binani Cement's creditors, including the unsecured ones

Questions about IBC: New bankruptcy procedure is running into trouble

The purity and efficiency of the IBC process require all purchasers of assets to be on an equal footing

Insolvency: NCLT asks for selection details in Binani Cement case

RP to provide criteria for selection of bidder, minutes of meetings by March 26

Bhushandas Binani's lawyers: Fraud allegations on firm an afterthought

Binani's counsel had alleged that the RP downgraded the asset value of Binani Cement from Rs 150 billion to 30 billion