Conglomerate Dalmia Bharat, with presence in cement, on Tuesday wrote to the bankruptcy resolution professional (RP) and committee of creditors (CoC) of debt-laden Binani Cement that the latters parent, Binani Industries, was acting in concert with UltraTech Cement for takeover of the insolvent firm.
The letter was written on the same day Dalmia Bharat appealed to the Supreme Court to stay the May 4 order by the National Company Law Appellate Tribunal (NCLAT) that allows Binani Cements committee of creditors (CoC) to approve either Dalmia Bharats original or UltraTech Cements revised bankruptcy resolution plan.
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