Dalmia Bharat Cement was declared the higher bidder after it offered close to Rs6,400 crore in upfront cash payment to the lenders of distressed Binani Cement. Photo: HT
Mumbai: Creditors are driving hard bargains with potential suitors of distressed assets in the ongoing corporate insolvency cases, preferring resolution plans that offer upfront cash payments over those that include a higher proportion of equity.
A vast majority of lenders are seeking upfront cash even as the 270-day deadline to resolve bankruptcy cases draws near, three people directly involved in negotiations said on condition of anonymity.
In the 12 initial cases referred to the National Company Law Tribunal for bankruptcy proceedings by the banks, all but oneBhushan St…
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