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:
Bags EPC packages of Purvanchal Expressway in Uttar pradesh of Rs 1738 Cr
Approved buyback of 29 Lk shares amounting Rs 200.2 Cr
Tamil Nadu Pollution Control Board ordered disconnection of electricity
Disconnection is applicable for copper smelter unit-I at Thoothukudi district
Order requires closure of unit with immediate effect
Thoothukudi copper smelter unit has not been operating since Mar 27
Launched Silver Options, Total Traded Contract Value at Rs 34.36 Cr
Option Positions are physically settled & are European Style Options
Enters into merger talks with NSE For Universal Exchange Framework: Business Standard Reports
R Damani sells 0.8% Stake at Rs 1360.2/Sh
Deal Value at Rs 643 Cr