IFCI gets Rs 492 cr towards security receipts under IBC resolution plan for Binani Cement
On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement
New Delhi: Infrastructure term lender IFCI Monday said it has received Rs 492 crore towards security receipts under the IBC resolution plan for Binani Cement.
"On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1,000 each has received Rs 491.84 crore, net of TDS of Rs 30.55 crore, pursuant to the said resolution," IFCI said in a regulatory filing.
On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal (NCLAT) approved its revised Rs 7,950.34 crore bid over an offer by rival Dalmia Bharat Group.
In approving UltraTech's resolution plan for Binani, which was auctioned to recover unpaid bank dues, NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.
Shares of IFCI settled at Rs 13.71 per scrip, up 0.81 percent, on the BSE.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
NCLAT gives conditional nod to ArcelorMittal's Rs 42,000 crore resolution plan for debt-ridden Essar Steel
NCLAT said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company
NCLAT allows withdrawal of Liberty House bid for ARGL, pulls up UK-based co for not pursuing insolvency resolution process
A two-member bench pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder
McDonald's on 21 August terminated franchisee agreement for the 169 outlets in north and east that were operated by Connaught Plaza Restaurant Ltd (CPRL), the joint venture (JV) with Bakshi