More From Livemint »The bench on Tuesday ordered the appointment of Vijaykumar Iyer, partner at Deloitte Touche Tohmatsu India Llp, as interim resolution professional for Binani Cement. It was not immediately clear if the company would challenge the NCLT order which effectively supersedes its board. Binani Cement counsel Pratap Chatterjee was not available for comment. Banerjee submitted that Binani Cement was in distress because of its management’s inability to prepare a restructuring plan. Binani Industries’ net consolidated loss was at Rs468.38 crore and its consolidated liabilities exceeded assets by Rs1,525.32, the auditor said in its report.

Source: Mint July 25, 2017 21:33 UTC