April 13 a crucial day for Binani Cement lenders

April 13 a crucial day for Binani Cement lenders

Kolkata, Apr 9 (PTI) Lenders of Binani Cement are looking forward to April 13 when the Supreme Court hears a petition by parent Binani Industries in the insolvency case.

The hearing is expected to bear a major impact on the ongoing takeover tussle of Binani Cement between Dalmia Bharat Cement and Aditya Birla group-owned UltraTech Cement.

"April 13 will be a crucial day for us," a Binani Cement lender, who did not wish to be quoted, said.

Binani Industries will be seeking redemption of the pledge of assets in the debt-ridden Binani Cement, a move supported by its lenders.

A Binani spokesperson had said that they have lenders support on the move.

Binani sources said they have also submitted Rs 750 crore to prove their commitment in this regard.

Dalmia Bharat Cement officials said they are also geared up to face the situation.

Binani Industries has been trying for a Rs 7,618 crore out-of-court settlement with the lenders with UltraTechs financial backing in lieu of 98.43 per cent stake in Binani Cement.

The Kolkata bench of the National Company Law Tribunal today adjourned the hearing of the Binani case to April 16 as Binani moved Supreme Court, sources said.

The Kolkata bench of NCLT was supposed to hear the case today since it had suggested parties to explore out-of court settlement for an amicable settlement.

Dalmia Bharat had been earlier selected by the Committee of Creditors after their Rs 5,500-5,600 crore resolution was cleared. PTI BSM JM