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binani cement insolvency lenders not impressed with

Stressed assets: UltraTech revises bid for Binani Cement

Both UltraTech and Dalmia Bharat have been locked in a battle to take over debt-ridden Binani Cement since March. Videocon Industries. The NCLT’s Mumbai bench on Wednesday admitted Videocon Industries for insolvency proceedings following a plea by lenders

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BCL auction: UltraTech to buy Binani Cement for Rs 7,266

Earlier, Dalmia Cement claimed that the lenders had accepted its bid of Rs 6,350 crore to buy Binani Cements Ltd (BCL). UltraTech Cement last Friday had also filed a petition with the NCLT

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Binani withdraws termination plea of insolvency process

With the Supreme Court unwilling to interfere in the proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), Binani Industries (BIL) on Friday withdrew its appeal for termination of the insolvency process under the IBC. BIL was hoping to pursue an out-of-court settlement for the sale of its subsidiary Binani Cement.

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How has Binani Cement ended up facing insolvency?

Debt burden catches up with Binani Cement. In July 2017 the Kolkota branch of the National Company Law Tribunal (NCTL) admitted a petition against Binani Cement, a subsidiary of Binani Industries, for insolvency proceedings to start after the cement producer had defaulted on a payment of INR977m (US$15m) loan to the Bank of Baroda. . .

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Binani Cement wants out of NCLT, says can repay lenders

Binani Cement wants out of NCLT, says can repay lenders - The move comes on the heels of a recently concluded commercial understanding with Aditya Birla Group's UltraTech Cement to sell its entire 98.43% stake in its subsidiary for Rs 7,266 cr

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Binani Cement Resolution Professional Acting Contrary To

Also Read: Binani Cement Lenders Not Impressed With UltraTech Side Deal With Promoter Binani Cement: Rival Offers The petition comes even as UltraTech Cement Ltd. Chief Financial Officer Atul Daga told BloombergQuint that India's largest cement maker is ready to fight it out in the Supreme Court, if need be, to acquire debt-laden Binani Cement

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Insolvency: Binani Cement submits UltraTech plan for NCLT

Based on this LoI, the Aditya Birla Group company has deposited Rs. 6.52 billion with the lenders as its guarantee to take over Binani Cement. On the other hand, the NCLAT, while hearing an appeal from the RP, Vijaykumar Iyer, questioned if the tribunal “has the right to decide the misconduct of a RP while entertaining application under

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Binani Cement insolvency proceedings by Bank of Baroda

Following the sale of loans, the leader of the JLF is Edelweiss ARC. Binani Cement reported a net loss of Rs 289 crore in 2015-16 on Rs 1,524 crore in

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Why India’s insolvency resolution needs another update

On Monday, Aditya Birla Group’s UltraTech Cement announced that its board agreed to issue a letter of comfort to Binani Cement’s promoters for acquiring a 98.43% stake in the company for Rs 7,266 crore. The transaction, if approved, will be outside the purview of the NCLT and the insolvency process that Binani Cement is currently undergoing.

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Binani Cements News and Updates from The Economic Times

NCLT orders Binani Cement lenders to consider UltraTech bid 03 May, 2018, 08.36 AM IST. The NCLT had on April 24 reserved its order on the ongoing corporate insolvency resolution process of Binani Cement.

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Bank of Baroda moves NCLT to recover Rs97 ... - Insolvency

Binani Cement, which is a unit of Binani Industries Ltd, had assets worth Rs5,074.83 crore at the end of March, according to the holding firm’s auditor, MZSK & Associates. NCLT’s Kolkata bench on Wednesday reserved its order on whether or not it would admit the lender’s application under the new insolvency

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