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Binani Cement bankruptcy case: SC refuses to allow out-of-court settlement

UltraTech Cement had informed the stock exchanges that it had obtained the Competition Commission of India's (CCI) approval for its bid for the under-debt company

Binani
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The UltraTech-backed Binani Cement’s offer is ~7 billion more than the Dalmia Bharat Cement-led consortium’s plan selected by creditors

BS Web Team | Agencies
In a setback for Ultratech, the Supreme Court on Friday refused to allow out-of-court settlement for Binani Cement bankruptcy case. 

UltraTech Cement had informed the stock exchanges that it had obtained the Competition Commission of India's (CCI) approval for its bid for the under-debt company and the company claimed the CCI clearance validates its contention that "they were wrongly and unjustifiably rated H2 instead of H1". Rejecting this, Dalmia Cement (Bharat) Limited's Group CEO Mahendra Singhi had claimed: "The reasons cited by the unsuccessful bidder for its failed bid, in stock exchange filings and press interviews, are misleading. We

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