How Birla's win in the battle for Binani reshapes India's bankruptcy focus

The order will probably set a precedent for other companies in insolvency proceedings and may jeopardize the 270-day timeline laid down to resolve such cases

Billionaire Kumar Mangalam Birla’s victory in a courtroom battle for an indebted cement company will test India’s efforts to create a time-bound process to resolve one of the world’s biggest piles of stressed assets.
 

The Supreme Court on Monday upheld a lower tribunal’s verdict approving Birla’s $1.1 billion offer for indebted Binani Cement Ltd. Birla’s UltraTech Cement Ltd. had lost out initially to a bid from a Bain Capital Credit-backed consortium, only to return with an upgraded proposal that was challenged as being late and made once the details of the rival offer were known.
 

The top court’s brief order