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Binani Industries, has filed an application to terminate company insolvency and resolution proceedings (CIRP) of its subsidiary, Binani Cement (BCL).
The company has also received an offer from the Aditya Birla group firm, UltraTech to transfer its 98.43% stake in Binani Cement, for Rs.7,266 crore. The deal was however, subject to ending the insolvency proceedings against BCL, whose Credit of Creditors (CoC) led by Bank of Baroda has approved Rs.6,350 crore bid from Dalmia Bharat group’s wholly-owned subsidiary, Rajputana Properties.
