DELHI: The Binani Industries Limited has withdrawn its petition seeking termination of insolvency process for its debt-ridden cement unit that would have allowed an out-of-court settlement with UltraTech Cement Ltd.
According to the available reports, the group argue before the SC that offer from UltraTech ensures that all creditors are paid in full whereas Dalmia Bharat Ltd. argued that it was an unholy alliance between a promoter and a failed bidder. The UltraTech argued that there was no grounds to disqualify them from making the offer. Binani Industries will now argue the settlement plea in the National Company Law Tribunal.
Dalmia Bharat had emerged as the highest bidder during insolvency proceedings for Binani Cement Ltd. by offering Rs 6,350 crore, according to Bloomberg. UltraTech Cement then revised its bid to Rs 7,618 crore offer, which was rejected by lenders because they had already selected Dalmia Bharat, BloombergQuint had reported earlier.
UltraTech then struck a parallel deal with Binani Industries, which moved the Supreme Court for to get the insolvency proceedings terminated for an out-of-court settlement.