ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Mutual Funds
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » Companies News

April 13 a crucial day for Binani Cement lenders

"April 13 will be a crucial day for us," a Binani Cement lender, who did not wish to be quoted, said. Binani Industries will be seeking redemption of the pledge of assets in the debt-ridden Binani Cement, a move supported by its lenders. A Binani spokesperson had said that they have lenders' support on the move.

  • Twitter
  • Facebook
  • GPlus
April 13 a crucial day for Binani Cement lenders
Binani Industries has been trying for a Rs 7,618 crore out-of-court settlement with the lenders with UltraTech's financial backing in lieu of 98.43 per cent stake in Binani Cement. Image source: Reuters
By PTI
Updated: Tue, Apr 10, 2018
09:06 am
PTI
RELATED NEWS
Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed  Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed
Binani Cement sale: UltraTech back in the race after hiccup Binani Cement sale: UltraTech back in the race after hiccup
Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case
Binani Cement sale: UltraTech offer splits creditors; resentment rises over Dalmia Bharat bid Binani Cement sale: UltraTech offer splits creditors; resentment rises over Dalmia Bharat bid
Binani creditors' forum seeks forensic audit of resolution Binani creditors' forum seeks forensic audit of resolution

Lenders of Binani Cement are looking forward to April 13 when the Supreme Court hears a petition by parent Binani Industries in the insolvency case. The hearing is expected to bear a major impact on the ongoing takeover tussle of Binani Cement between Dalmia Bharat Cement and Aditya Birla group-owned UltraTech Cement.

"April 13 will be a crucial day for us," a Binani Cement lender, who did not wish to be quoted, said. Binani Industries will be seeking redemption of the pledge of assets in the debt-ridden Binani Cement, a move supported by its lenders. A Binani spokesperson had said that they have lenders' support on the move.

Binani sources said they have also submitted Rs 750 crore to prove their commitment in this regard.

Dalmia Bharat Cement officials said they are also geared up to face the situation.

Binani Industries has been trying for a Rs 7,618 crore out-of-court settlement with the lenders with UltraTech's financial backing in lieu of 98.43 per cent stake in Binani Cement.

The Kolkata bench of the National Company Law Tribunal today adjourned the hearing of the Binani case to April 16 as Binani moved Supreme Court, sources said.

The Kolkata bench of NCLT was supposed to hear the case today since it had suggested parties to explore out-of court settlement for an amicable settlement.

Dalmia Bharat had been earlier selected by the Committee of Creditors after their Rs 5,500-5,600 crore resolution was cleared.

 

 

TAGS:
Binani CementUltraTechSupreme Court
RELATED NEWS
Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed  Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed
Binani Cement sale: UltraTech back in the race after hiccup Binani Cement sale: UltraTech back in the race after hiccup
Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case
Binani Cement sale: UltraTech offer splits creditors; resentment rises over Dalmia Bharat bid Binani Cement sale: UltraTech offer splits creditors; resentment rises over Dalmia Bharat bid
Binani creditors' forum seeks forensic audit of resolution Binani creditors' forum seeks forensic audit of resolution

LATEST NEWS

Latest RBI Alert: This app can steal all money from your bank account, never download

Public Provident Fund investment: Forget market volatility, retire with Rs 1.8 crore, grow money by 400%, save tax

Labour unrest: Royal Enfield, MRF, other company workers resort to strike

Recruitment fraud: Army Office identifies 42 recruits enrolled using fraudulent methods

Patna Metro Rail Project gets new push: Check routes, year of completion, other details

Irdai asked to set up core 'sandbox committee' to promote digital innovations

DRDO to showcase technologies and innovations at Aero India: Defence ministry

Scientists develop smart windows to clean air pollution

Tech Mahindra board to meet on Feb 21 to consider share buyback

New WhatsApp tool: Group Invitation feature to kill this annoying problem

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved