Gold Silver Reports (GSR) – Binani Cement Will Apply For Termination Of Insolvency As UltraTech Takeover Looms — Debt-laden Binani Cement Ltd. will apply to the National Company Law Tribunal for termination of its insolvency proceedings after UltraTech Cement Ltd. signed a pact with its parent to buy the cement maker.
The board of Binani Industries Ltd. met today and decided that its cement arm should apply to the NCLT, it said in a stock exchange filing. To terminate the insolvency proceedings, Binani Cement will have to repay its lenders and the liabilities that were admitted in the insolvency process.
Read More : Binani Industries Falls As UltraTech To Issue Rs 7,270 Crore Comfort Letter To Buy Cement Unit
The decision to exit insolvency was taken on account of the shortcomings of the process, according to Sameer Kaji, senior adviser of Binani Industries and the Braj Binani Group. “We were not happy or satisfied with the lack of information or transparency which we were getting from the resolution profession. We sought information at every stage as a stakeholder, but we never got it,” he said at a media conference.
