UltraTech offers to pay dues of non-financial creditors of Binani Cement

The resolution professional and the committee of creditors had earlier selected Dalmia Bharat Cement's Rs 63 billion offer

Aditya Birla Group firm UltraTech on Thursday offered to pay 100 per cent dues of all non-financial creditors of Binani Cement, thereby increasing its offer by another Rs 7 billion to Rs 69 billion, sources said. The committee of creditors and the resolution professional will now be forced to look into UltraTech’s offer, almost Rs 6 billion more than the bid made by Dalmia Bharat Cement and Bain Capital’s Resurgent India Fund.
 
The offer was made by UltraTech in an email to the resolution professional on Thursday, after the National Company Law Tribunal (NCLT) in Kolkata heard UltraTech’s petition