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Operational creditors would realise about 42% of the total claims for the 92 corporate insolvency resolution plans that have yielded a resolution plan, which is in line with the 44 percent for financial creditors
On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement
UltraTech to incorporate Binani Cement as subsidiary; acquisition gives firm access to top quality limestone reserves
UltraTech Cement said on Wednesday its board has approved a proposal to incorporate Binani Cement as it a wholly-owned subsidiary.
SC upholds NCLAT order allowing UltraTech to acquire Binani Cement, rejects Dalmia Bharat group firm’s plea
The Supreme Court upheld the NCLAT's last week order which had allowed the Aditya Birla group firm to acquire Binani Cement by approving its revised Rs 7,950.34 crore bid.
NCLAT approves UltraTech's Rs 7,900 cr bid for Binani Cement, rejects resolution plan submitted by Dalmia Bharat
In approving UltraTech's resolution plan for Binani, which was auctioned to recover unpaid bank dues, the NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.
Birla said rising oil prices, spiralling inflation, firming bond yields and a widening current account deficit are areas of concern
Binani Cement insolvency: Supreme Court says CoC can consider revised Ultratech offer but can't take final decision
Refusing to debar Binani Cement's CoC from carrying on with further proceedings, the court said that "no final order may be passed"
Binani Cement lenders vote in favour of UltraTech's Rs 7,960 cr offer; override CoC decision favouring Dalmia Bharat
UltraTech now becomes the H1 bidder, replacing Rajputana Properties - the bidding company for the Dalmia Bharat-led consortium
Aditya Birla Group firm UltraTech said it would acquire cement business of BK Birla Group company Century Textiles and Industries through a share swap deal
Binani Industries offers to settle all claims of bankrupt cement subsidiary's debtors at NCLAT within two weeks
NCLAT had on Tuesday directed RP of Binani Cement not to decide on the eligibility of the bidders, but just to pass on the revised resolution plans in sealed covers to the CoC.
The NCLAT made the remarks while hearing an application filed by UltraTech in the Binani Cement insolvency matter.
Binani Cement insolvency: NCLT asks CoC to consider UltraTech's revised offer; Dalmia 'surprised' by order
The NCLT bench also asked the CoC to reconsider resolution plan of Rajputana Properties Pvt Ltd (RRPL), if the Dalmia Bharat Group firm, was willing to raise its offer more than UltraTech's bid.
UltraTech questions resolution process, terms process of evaluating bids for Binani Cement 'fraudulent'
UltraTech apprehends that it was not declared as the H1 bidder in view of the penalty imposed by the Competition Commission of India.
Binani Industries to move Supreme Court with Rs 7,618 cr offer, has assurance of support from most lenders, says co
Binani, backed by Aditya Birla groups UltraTech Cement, has already received comfort letter for financial support.
The CoC did not approve the offer from its promoters Binani Industries, which is pitching for Rs 7,266 crore offer from the Aditya Birla Group firm UltraTech Cement, due to legal implications, sources said.
UltraTech Cement last week said it will buy loan defaulter Binani Cements stressed assets by providing Rs 7,266 crore to its parent company, Binani Industries.
NCLT asked the CoC whether it could consider application filed by Binani Industries, the parent company of Binani Cement, for a settlement outside tribunal
UltraTech said it had secured backing from some creditors of Binani Cement to buy firm for $1.1 billion outside of a bankruptcy process
UltraTech to pay Rs 7,266 crore for 98.43% stake in Binani Cement, seeks end to insolvency proceedings
UltraTech said in a statement that Binani Industries Ltd (BIL) - the promoter firm of Binani Cement Ltd - had approached it for arranging funds to pay-off the lenders