Binani Industries offers to pay dues to creditors in 2 weeks

Kolkata | Updated on March 27, 2018 Published on March 27, 2018

A view of Binani Cement India Plant

Pleads for termination of insolvency proceedings at Kolkata Bench of NCLT

Binani Industries, the parent company of Binani Cement, on Tuesday offered to pay off all its dues to the creditors within two weeks and pleaded for termination of insolvency proceedings at the Kolkata Bench of the National Company Law Tribunal (NCLT).

Justice Jinan KR of the Kolkata Bench of NCLT has asked the Committee of Creditors (CoC) to take up the matter for their ‘appropriate consideration’.

“We are not giving any directions, we are only asking the CoC to take this up for appropriate consideration at their liberty,” the judge said. The matter will be heard again on April 2.

CoC, had in its meeting on March 14, had approved Dalmia Bharat’s wholly owned subsidiary Rajputana Properties’ bid, which offered to pay Rs 6,350 crore for Binani Cement.

However, on March 19, Binani Industries had entered into an in-principle understanding with UltraTech Cement, which agreed to acquire 98.43 per cent stake in the cement unit for Rs 7,266 crore ‘subject to termination’ of insolvency proceedings.

Published on March 27, 2018
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