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News National Company Law Tribunal allows bidders to settle dispute over Binani Cement

National Company Law Tribunal allows bidders to settle dispute over Binani Cement

Written by Global Cement staff 03 April 2018
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India: The National Company Law Appellate Tribunal (NCLAT) has allowed the companies fighting to buy Binani Cement to ‘amicably’ settle the dispute. The tribunal was hearing a petition filed by Binani Industries, which holds over 90% of Binani Cement, according to the Press Trust of India. It followed a suggestion by the National Company Law Tribunal of Kolkata that also asked Binani Cement to consider taking an out-of-court offer between the cement producer and its lenders.

A consortium led by Dalmia Bharat won an auction for Binani Cement with a bid of US$974m in early March 2018. However, UltraTech Cement then made a direct bid to Binani Cement a few weeks later.

Last modified on 04 April 2018
Published in Global Cement News
Tagged under
  • India
  • National Company Law Tribunal
  • Binani Cement
  • Legal
  • UltraTech Cement
  • Dalmia Bharat
  • GCW347

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