Photo: HTKolkata: The Braj Binani group on Thursday asked the Kolkata bench of the National Company Law Tribunal (NCLT) to suspend the ongoing resolution process of group firm Binani Cement Ltd, even as one of the stakeholders said that the sanctity of the bankruptcy resolution process is now at stake. As per this deal, UltraTech would pay Rs7,266 crore, compared with Dalmia Bharat’s Rs6,350 crore offer made under the insolvency resolution process. The Braj Binani group argued UltraTech offered a better deal for all stakeholders, and that in the interest of a more optimal resolution, the dispute resolution process under IBC should be suspended. With the approval of creditors, that resolution plan was filed with NCLT amid opposition from other interested parties such as UltraTech and the Braj Binani group. The Braj Binani group claimed that if the resolution process is terminated, creditors will be paid their dues within a definite time frame.

Source: Mint March 22, 2018 21:33 UTC