Binani Cement’s journey towards insolvency resolution can be summed up as one step forward, two new speed-breakers ahead. Last week, after the Committee of Creditors (CoC) for the beleaguered firm voted in favour of the resolution plan submitted by the Dalmia Bharat-Bain Piramal Resurgence Fund consortium, two fresh petitions were filed with the National Company Law Tribunal (NCLT).
To begin with, UltraTech Cement reportedly filed another petition with the NCLT last Friday, seeking the cancellation of the lenders’ vote. According to The Economic Times, Atul Daga, chief financial officer of UltraTech, had alleged that the resolution process at Binani Cement “was shrouded in secrecy”, with bidders not being allowed to participate in the…
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