Binani Cement lenders to meet on Wednesday to mull UltraTech revised offer

Sources say only UltraTech's proposal will be discussed and if accepted, lenders will ask Dalmia Bharat Cement-led consortium to match it

The Committee of Creditors (CoC) of Binani Cement is likely to meet on Wednesday this week to consider the revised offer of Rs 79.60 billion from UltraTech Cement for acquisition of the stressed assets of Binani Cement. The company is currently undergoing insolvency proceedings in the Kolkata bench of NCLT.

This follows the NCLT’s order which directed the CoC to consider the Aditya Birla Group company’s proposal despite it being termed as the “unsuccessful bidder” by the CoC. The Tribunal had ordered Binani Cement’s resolution professional (RP) to submit the revised proposal from UltraTech to the CoC and also accommodated