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News National Company Law Tribunal asks Binani Cement creditors to consider offer from UltraTech Cement

National Company Law Tribunal asks Binani Cement creditors to consider offer from UltraTech Cement

Written by Global Cement staff 03 May 2018
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India: The National Company Law Tribunal (NCLT) has asked the Committee of Creditors (COC) of Binani Cement to consider UltraTech Cement's revised offer. It has also set 24 June 2018 as the completion deadline of the insolvency resolution process, according to the Press Trust of India. The NCLT also asked the COC to reconsider the resolution plan of Rajputana Properties if the subsidiary of Dalmia Bharat Group was willing to raise its offer over UltraTech Cement’s.

A consortium led by Dalmia Bharat won an auction for Binani Cement with a bid of US$974m in early March 2018. UltraTech Cement then made a direct bid to Binani Cement a few weeks later. However, the Supreme Court blocked UltraTech Cement’s offer in mid-April 2018. UltraTech Cement has since made a raised offer to the resolution professional handling the insolvency process of Binani Cement.

Last modified on 09 May 2018
Published in Global Cement News
Tagged under
  • India
  • National Company Law Tribunal
  • Binani Cement
  • UltraTech Cement
  • Legal
  • Acquisition
  • Dalmia Bharat
  • Supreme Court
  • GCW352

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