Binani Cement

Back in October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business as well as some non-core assets to reduce debt.

Adani Group’s Ambuja-ACC buy: Expensive valuation means significantly higher profits required to maintain decent ROE

Adani's Ambuja-ACC acquisition will need to make nearly 33% more profit per tonne compared to greenfield projects and 120% more profit per tonne compared to brownfield expansion

IDBI Bank awaits RBI nod to recover Binani's dues from UltraTech: Report

The bank can not receive money from UltraTech Cement or remit it to its Dubai branch without RBI’s permission

IFCI gets Rs 492 cr for Binani Cement resolution under IBC

Shares of IFCI settled at Rs 13.71 per scrip, up 0.81 percent, on the BSE.

UltraTech to incorporate Binani Cement as subsidiary

The National Company Law Appellate Tribunal (NCLAT) last week had approved the revised bid of Aditya Birla group firm UltraTech Cement for debt-ridden Binani Cement.

SC rejects plea of Dalmia Bharat Group against rejection of its bid for Binani Cement

The NCLAT had approved UltraTech's resolution plan for Binani and rejected the resolution plan submitted by Dalmia Bharat's Rajputana Properties by terming it "discriminatory" and "unbalanced".

NCLAT approves UltraTech's revised bid for Binani Cement

UltraTech Cement's revised offer was at Rs 7,900 crore, against its earlier bid of Rs 7,200 crore.

Binani Cement's lenders call off meeting after Dalmia's objection

Dalmia has alleged that UltraTech bid, which the lenders were to consider, is ineligible under Section 29A

Macro@Moneycontrol | How Binani Cement saga is challenging the bankruptcy code

The Binani Cement case has turned out to be a test of India’s recently implemented Insolvency and Bankruptcy Code

Binani Cement acquisition: UltraTech raises bid to Rs 7,990 crore

UltraTech had earlier lost out to a Dalmia Bharat-led consortium in bidding for Binani.

Dalmia Bharat group seeks RBI intervention in Binani Cement settlement

The company has alleged that despite binding contracts, some members of the Committee of Creditors (CoC) were trying to go for settlement with promoters of Binani Industries in violation of Insolvency and Bankruptcy Code (IBC) and general principles of the rules of law.

Binani Cement OCs reject Dalmia's offer to pay Rs 151-cr dues

"The operational creditors (OCs) dues, in reality, are over Rs 700 crore. The total amount due to the OCs has been wrongly verified by the resolution professionals (RP) as Rs 503.37 crore of which Dalmia offers to pay just Rs 151 crore," Binani Operational Creditors Forum (BOCF) spokesperson Siddharth Tibrewal said in a statement here.

Binani Industries files application to terminate insolvency proceedings of Binani Cement

Binani Industries Ltd (BIL) has received an offer from the Aditya Birla group firm UltraTech to transfer its 98.43 percent stake in BCL for Rs 7,266 crore.

Binani Cement lenders to meet on April 4, consider out-of-court settlement

A meeting of the Committee of Creditors has been called on April 4 to consider the NCLT order, CoC sources said.

Big boost for UltraTech's Binani bid; NCLT's Kolkata bench asks lenders to consider company's offer

Binani Industries will use the funds to pay off Binani Cement's creditors, including the unsecured ones.

Hopes afloat for Dalmia Bharat in bid to acquire Binani Cement

"All the details are in the data room. The fraud is nothing to do with the sale. If the offer is proper, the tribunal can consider it," a counsel on behalf of the CoC said before the NCLT, according to a source close to one of the bidders.

No violation in Rs 7,266-crore bid for Binani Cement under IBC, says UltraTech

UltraTech Cement CFO Atul Daga added that the company is "committed to honour" the amount which it has offered.

Dalmia Bharat, UltraTech remain keen in Binani despite 'fraud'

The Resolution professional (RP) Vijaykumar V Iyer has moved the National Company Law Tribunal (NCLT), alleging suspect and fraudulent transactions in Binani carried out by an independent forensic auditor.

Happy to have been declared highest bidder for Binani cement: Dalmia Bharat

The IBC resolution process has been very efficient and transparent, said Mahendra Singhi, Group CEO-Cement, Dalmia Bharat.

Binani Cement resolution professional alleges fraud by company promoters

Binani Cement's resolution professional alleged that the promoters diverted funds that affected the company's working capital provisions.

Resolution plan for Binani submitted to NCLT: Dalmia Bharat Group

Besides, the group has also submitted a performance bank guarantee (PBG) of 10 per cent of upfront payment of its offer to the financial creditors of BCL, Dalmia Bharat Ltd said in an update filed to the exchanges.

UltraTech Cement likely to get support from Binani creditors

UltraTech had said that Binani Industries Ltd (BIL) - the promoter firm of BCL - had approached it for arranging funds to pay off the lenders.

Ultratech offers 'comfort' to Binani Cement, proposes to acquire the stressed company

The move is intended to block lenders decision to hand over Binani to Dalmia Bharat

Dalmia Bharat gets nod to buy Binani Cement; UltraTech to challenge deal: Report

The Dalmia Bharat Cement is set to acquire Binani Cement as the consortium has received final approval from the Committee of Creditors (CoC) to acquire the firm for Rs 6,700 crore, which includes a capital infusion of Rs 400 crore

Lenders likely to miss December-end IBC resolution deadline for steel companies

The resolution process of Bhushan Power & Steel Limited, Electrosteel Steels, Essar Steel and Monnet Steel is likely to complete only in the first quarter FY19, according to a report.