NEW DELHI: Aditya Birla workforce firm UltraTech Cement on said that it has no longer violated the IBC in offering a Rs 7,266 crore bid to acquire debt ridden Binani Cement (BCL), which was once already set to be offered to the Dalmia Bharat workforce through its collectors.
UltraTech has introduced to acquire BCL through providing Rs 7,266 crore to its father or mother company Binani Industries Ltd (BIL) in opposition to bid of Rs 6,350 crore along with 20 in line with cent fairness in BCL through Rajputana Properties, part of Dalmia Bharat workforce, approved through the solution professional (RP).
"We are fully compliant with IBC (Insolvency and Bankruptcy Code). We have submitted our bid. We are allowed to revise our bids. IBC says maximise value and if the banker is getting higher amount of money before they have taken a decision, then they should take a decision with their eyes open," UltraTech Cement CFO Atul Daga advised PTI.
He additional added that the corporate is "committed to honour" the amount which it has offered.
"We have filed it with NCLT, well before the Committee of Creditors (CoC) recommendation was put out, well before CoC filed their resolution plan bid with NCLT. Where we have gone wrong?," Daga added.
He said UltraTech agreed to issue 'comfort letter' to provide Rs 7,266 crore in go back for 98.43 in line with cent stake in Binani Cement after an manner from the owners of BCL.
"If they can take the company out of insolvency proceedings, we are happy to pay the same amount of money to buy the company and it has to be used to repay the debt. For that purpose they wanted a letter of comfort and we have given them a letter of comfort. I do not think that we have gone against IBC anyway," Daga added.
According to him, some of the collectors who were not proud of Dalmia Group bids have approached NCLT backing Ultratech's bid.
"All the creditors, who are against the bid from the present resolution plan have gone to NCLT. They are trade creditors, suppliers who have filed the claim at NCLT," said Daga.
He additional said, "SBI Hongkong, Exim bank had filed a case for maximisation of the value because clearly they were feeling let down by the proposal accepted by the majority of the creditor".
Meanwhile, in a separate construction, BIL denied experiences of solution professional alleging fraud through BIL promoters.
"The question of any fraud committed by the company or by members of the board of directors of the company does not and cannot arise as all the accounts of the company and the holding companies are fully audited and all transactions, including related party transaction have been disclosed," BIL said in a regulatory submitting.
Dalmia Bharat had yesterday informed stock exchanges that its Rs 6,350-crore bid has been submitted through RP earlier than NCLT for approval and it has additionally submitted a efficiency bank guarantee (PBG) of 10 in line with cent of in advance cost of its be offering to the financial collectors of BCL.
UltraTech has introduced to acquire BCL through providing Rs 7,266 crore to its father or mother company Binani Industries Ltd (BIL) in opposition to bid of Rs 6,350 crore along with 20 in line with cent fairness in BCL through Rajputana Properties, part of Dalmia Bharat workforce, approved through the solution professional (RP).
"We are fully compliant with IBC (Insolvency and Bankruptcy Code). We have submitted our bid. We are allowed to revise our bids. IBC says maximise value and if the banker is getting higher amount of money before they have taken a decision, then they should take a decision with their eyes open," UltraTech Cement CFO Atul Daga advised PTI.
He additional added that the corporate is "committed to honour" the amount which it has offered.
"We have filed it with NCLT, well before the Committee of Creditors (CoC) recommendation was put out, well before CoC filed their resolution plan bid with NCLT. Where we have gone wrong?," Daga added.
He said UltraTech agreed to issue 'comfort letter' to provide Rs 7,266 crore in go back for 98.43 in line with cent stake in Binani Cement after an manner from the owners of BCL.
"If they can take the company out of insolvency proceedings, we are happy to pay the same amount of money to buy the company and it has to be used to repay the debt. For that purpose they wanted a letter of comfort and we have given them a letter of comfort. I do not think that we have gone against IBC anyway," Daga added.
According to him, some of the collectors who were not proud of Dalmia Group bids have approached NCLT backing Ultratech's bid.
"All the creditors, who are against the bid from the present resolution plan have gone to NCLT. They are trade creditors, suppliers who have filed the claim at NCLT," said Daga.
He additional said, "SBI Hongkong, Exim bank had filed a case for maximisation of the value because clearly they were feeling let down by the proposal accepted by the majority of the creditor".
Meanwhile, in a separate construction, BIL denied experiences of solution professional alleging fraud through BIL promoters.
"The question of any fraud committed by the company or by members of the board of directors of the company does not and cannot arise as all the accounts of the company and the holding companies are fully audited and all transactions, including related party transaction have been disclosed," BIL said in a regulatory submitting.
Dalmia Bharat had yesterday informed stock exchanges that its Rs 6,350-crore bid has been submitted through RP earlier than NCLT for approval and it has additionally submitted a efficiency bank guarantee (PBG) of 10 in line with cent of in advance cost of its be offering to the financial collectors of BCL.
No violation in Rs 7,266 crore bid for Binani Cement under IBC: UltraTech
![No violation in Rs 7,266 crore bid for Binani Cement under IBC: UltraTech]()
Reviewed by Kailash
on
March 23, 2018
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