more-inWith the battle for the acquisition of the bankrupt Binani Cement reaching the Supreme Court, Dalmia Cement is confident that the apex court will rule in its favour. There has been a huge controversy over the insolvency proceedings of Binani Cement under the Insolvency and Bankruptcy Code (IBC). After the bids were called for the firm, Dalmia Bharat Ltd-consortium emerged as the winner. Binani Industries moved the Supreme Court seeking permission for an out-of-court settlement with lenders and termination of insolvency proceedings against subsidiary Binani Cement. Backed by UltraTech Cement, Binani Industries has offered the lenders over ₹7,600 crore for the out-of-court settlement, which is about ₹1,100 crore higher than Dalmia Cement Bharat bid.

Source: The Hindu April 12, 2018 16:58 UTC