The meet on UltraTech postponed by Binani Cements
The meeting which was scheduled on Thursday by the Committee of Creditors (CoC) with respect to insolvent Binani cements has been postponed. The reason behind it is said to be the Resolution Plan submitted by UltraTech Cement in the ‘format acceptable’ to the creditors is still being negotiated.
While informing the postponement of the CoC meet to stakeholders, the Resolution Professional (RP), Vijaykumar V Iyer, addressed that the verification of over 100 new claims was being completed on Wednesday. The RP and the CoC have sought some clarifications from UltraTech Cement with regard to its proposed resolution plan, meanwhile the Rajputana Properties has not raised its offer of around `6,930 crore for the debt-laden cement maker.
The CoC was scheduled to meet on May 24 to consider the bids of Dalmia Bharat and UltraTech. However, people involved in the matter questioned the delay in the resolution process for the insolvent cement company.