Photo: Priyanka Parashar/MintNew Delhi: Binani Industries Ltd on Friday withdrew its plea seeking permission for an out-of-court settlement and an end to insolvency proceedings against its debt-laden subsidiary Binani Cement Ltd. “The Hon’ble Supreme Court gave a landmark message today by not entertaining the plea of Binani Industries to terminate the insolvency proceedings in relation to Binani Cement. Dalmia Cement’s bid of Rs6,350 crore for Binani Cement was held to be successful by the committee of creditors of Binani Cement in March. UltraTech’s offer to Binani Industries came after the cement maker challenged the sale of Binani Cement to Dalmia Cement, alleging lack of transparency in the bidding process. The total liability of Binani Cement stands at Rs7,290 crore, including the liability of Rs4,049 crore towards secured lenders.

Source: Mint April 13, 2018 16:18 UTC