The battleground for Binani Cement Ltd.s insolvency process has shifted back to the National Company Law Tribunal, Kolkata. Last week, Binani Industries Ltd. withdrew its petition seeking termination of the insolvency process for its debt-ridden cement unit that would have allowed an out-of-court settlement with UltraTech Cement Ltd.
At the hearing before the Kolkata bench today, the resolution professional for Binani Cement argued that at the tenth meeting of the committee of creditors, 90 percent members had supported Dalmia Bharats bid. After this meeting, Dalmia Bharat was declared as the highest bidder and Exim Bank had not objected to it, he added.
Yesterday, Exim Bank an unsecured financial creditor of Binani Cement had argue…
Read the full article at: https://www.bloombergquint.com/law-and-policy/2018/04/17/binani-cement-insolvency-rules-cant-be-changed-for-one-company-creditors-say