Binani Industries comes to rescue Binani Cements

BrajBinani-promoted Binani Industries Ltd (BIL) is planning to clear the dues of Binani Cement. Binani Industries is seeking a refinance loan from banks and other financial institutions. Binani Cements is a coveted asset that both Dalmia Cement and Ultratech is fighting to acquire. Binani Industries have appealed to the National Company Law Tribunal (NCLAT) to allow it as a shareholder for clearing the dues of the creditors and allow it to do so in a fortnight time. NCLAT has now asked the appointed people to file their reply in five days. Rajputana properties were also asked to file an intervention petition on the matter.TheRajputana Properties, which was selected as the highest bidders expected to oppose this move under section 29 A of the Insolvency and Bankruptcy Code 2016 (IBC) Binani Cements are currently in a very fragile position.