In a set back to the proposed out-of-court settlement between Binani Industries and UltraTech Cement, the Supreme Court on Friday refused to terminate Insolvency and Bankruptcy Code proceedings against the former.
Binani Industries had received a “comfort letter” from UltraTech, which enabled it to repay the lenders of its subsidiary Binani Cements. In return, UltraTech could acquire 98.43 percent stake in Binani Cements.
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