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  • IDBI Bank awaits RBI nod to recover Binani's dues from UltraTech: Report Dec 14, 2018 02:17 PM IST

    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 Nov 26, 2018 08:20 PM IST

    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 Nov 21, 2018 09:21 PM IST

    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 Nov 19, 2018 06:18 PM IST

    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 Nov 14, 2018 11:25 AM IST

    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 May 10, 2018 11:13 AM IST

    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 Apr 20, 2018 06:06 PM IST

    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 Apr 16, 2018 12:13 PM IST

    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 Apr 10, 2018 07:25 PM IST

    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 Apr 06, 2018 06:22 PM IST

    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 Apr 05, 2018 07:57 PM IST

    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 Apr 03, 2018 07:35 PM IST

    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 Mar 27, 2018 03:29 PM IST

    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 Mar 22, 2018 10:22 PM IST

    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 Mar 22, 2018 12:16 PM IST

    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' Mar 21, 2018 08:53 PM IST

    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 Mar 21, 2018 05:18 PM IST

    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 Mar 21, 2018 07:48 AM IST

    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 Mar 20, 2018 09:40 PM IST

    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 Mar 20, 2018 04:17 PM IST

    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 Mar 19, 2018 02:06 PM IST

    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 Mar 15, 2018 10:45 AM IST

    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 Dec 20, 2017 10:38 AM IST

    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.

  • Cement case:Compat rejects Binani Cement's plea for relaxation Jan 17, 2017 07:42 PM IST

    Cement case:Compat rejects Binani Cement's plea for relaxation

    Compat has dismissed the appeal of Binani Cement seeking waiver of the direction to deposit with it 10 percent of the total penalty amount which was imposed by Competition Commission in a cartelisation case.

  • Setback for cement cos as COMPAT lifts stay on CCI fine May 17, 2013 06:43 PM IST

    Setback for cement cos as COMPAT lifts stay on CCI fine

    The Rs 6300 crore fine imposed by the Competition Commission of India has been approved by the Competition Apellate Tribunal. Cement companies will now have to pay the fine within a month.

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