IFCI gets Rs 492 crore for Binani Cement resolution under IBC
Infrastructure term lender IFCI Monday said it has received Rs 492 crore towards security receipts under the IBC resolution plan for Binani Cement. “On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1,000 each has received Rs 491.84 crore, net of TDS of Rs 30.55 crore, pursuant to the said resolution,” IFCI said in a regulatory filing.
On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal (NCLAT) approved its revised Rs 7,950.34 crore bid over an offer by rival Dalmia Bharat Group.
In approving UltraTech’s resolution plan for Binani, which was auctioned to recover unpaid bank dues, NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.