Binani Cement owes close to Rs3,042.93 crore to a consortium of lenders. Photo: Mint
Mumbai: At least two lenders of Binani Cement Ltd, currently undergoing insolvency proceedings, have moved the appellate bankruptcy tribunal after the insolvency resolution professional (IRP) rejected their claims on corporate guarantees worth Rs2,000 crore issued by the company to some subsidiaries in the Binani group.
According to two persons aware of the matter who spoke on condition of anonymity, IDBI Bank and State Bank of India (SBI) have now approached the National Company Law Appellate Tribunal (NCLAT).
The background to the development is as follows: Banks, including IDBI Bank and SBI, had lent money to some companies in the Rajasthan-based Binani …
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