Lenders to Binani Cement Ltd. are not enthused with UltraTech Cement Ltd.s latest bid, a banker with direct knowledge of the matter said.
The Birla group company would have to pay over Rs 8,000 crore including admitted claims worth Rs 7,600 and interest accumulated since initiation of insolvency worth Rs 400 crore to be considered for termination of the insolvency process, the banker quoted above said requesting anonymity.
The letter of comfort, which UltraTech has agreed to provide, will not be enough to drop the insolvency proceedings, the banker said. Moreover, the National Company Law Tribunal or the appellate tribunal do not have jurisdiction to drop a corporate insolvency resolution process against a company, and the case wil…
Read the full article at: https://www.bloombergquint.com/business/2018/03/19/binani-cement-lenders-not-impressed-with-ultratechs-bid
