Binani Industries offered to clear the 100 per cent claims of creditors at the National Company Law Appellate Tribunal.
The Binani Committee of Creditors (CoC) is likely to meet on May 9 and discuss the revised bid of Ultra Tech Cement valued at around Rs 7900 crore for the debt-laden Binani Cement.
NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not "misused or misinterpreted".
The Kolkata bench of National Company Law Tribunal (NCLT) today directed the committee of creditors (CoC) of Binani Cement to consider the revised bid of UltraTech.
Injeti Srinivas said that the amendments, as and when implemented, would be prospective in nature.
NCLAT allowed the parties in dispute over selling of debt-ridden Binani Cement to amicably settle the dispute.
Top Indian cement maker UltraTech said on Tuesday it had secured backing from some creditors of Binani Cement to buy the firm for $1.1 billion.
Ultratech Cement made an offer to take over loan defaulter Binani Cements for Rs 7,266 crore, posing a challenge to the nascent bankruptcy resolution process.
UltraTech said it has entered into an agreement with Binani Industries to buy 98 pc stake in its debt ridden subsidiary BCL which is going through insolvency proceedings.
Indian market slipped to close in the red for the week ending Friday. A look at some events which will guide the markets for the week:
I-T department probing acquisition of Chanda Kochhars Mumbai Residence
I-T department looking into acquisition of the residence by Deepak Kochhar
Acquisition of residence said to be linked to firms of Videocon group
Indian Express Reports
BANK OF MAHARASHTRA
3 officials including MD & CEO RP Marathe, ED RK Gupta arrested in Pune
Arrests are in connection to fraudulent loans sanctioned to Kulkarni Developers
Outstanding exposure to DS Kulkarni Developers at Rs 94.52 Cr
RITES IPO subscribed 0.6x on day 1
Fine organic industries IPO subscribed 0.12x on day 1
SBI's B Sriram takes additional charge as MD & CEO of IDBI Bank
B Sriram is the longest serving PSB MD
B Sriram Has Experience In Managing Stressed Assets
Wins bid for Connaught Place in Delhi
Taj Group wins 33-year lease for Connaught Hotel in E-auction
Offered to share 31.8% of annual revenue earned with civic body
Have not received any notice from ED on FEMA violations
U.S. to levy tariff on Indian welded pipes
U.S. imposes anti-subsidy duties of upto 500% on welded pipes from India
China, South Korea, & Turkey to also face duties from U.S.
U.S. imported large-diameter welded pipes worth $294.7 Mn from India in 2017
U.S. International Trade Commission scheduled to make a final decision By Dec 20