The Supreme Court has confirmed UltraTech Cement Ltd. as the winning bidder for insolvent Binani Cement Ltd. In doing so the apex court has upheld last weeks decision by the National Company Law Tribunal and dismissed a petition by competing bidder Rajputana Properties Ltd, owned by the Dalmia Bharat Group.
This decision works to the advantage of the Binani Group as UltraTech had offered a higher bid value in which all creditors will be repaid. Several operational creditors are reportedly related parties of the Binani group and its promoter Braj Binani. Certain promoter guarantees are also covered by the bid, said Sameer Kaji, adviser to the Binani Group.
And though at one time the parent, Binani Industries, had sought to withdraw Binani C…
Read the full article at: https://www.bloombergquint.com/insolvency/ibc-expect-smooth-handover-of-binani-cement-to-ultratech-says-group-adviser
