Dalmia Bharat was declared the highest bidder for Binani Cement by the committee of creditors (CoC) in March beating UltraTech, which bid marginally lower. Also Read: Dalmia Bharat readies legal action as Binani Cement acquisition war heats up1. Binani Cement was a regular bankruptcy case under IBC. But when that was not accepted, the firm struck a deal with Binani Industries Ltd, the parent of Binani Cement, to buy its 98.43% stake in the cement unit, provided the insolvency case was terminated. The code itself does not have a procedure laid down for terminating the insolvency process.

Source: Mint April 02, 2018 02:03 UTC