Indian laborers unload bags of cement from a truck in Gurgaon, India (Photographer: Adam Ferguson/Bloomberg News)

IFCI Gets Rs 492 Crore For Binani Cement Resolution Under IBC

Infrastructure term lender IFCI on Monday said it has received Rs 492 crore towards security receipts under the insolvency and bankruptcy resolution plan for Binani Cement.

“On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1,000 each has received Rs 491.84 crore, net of TDS (tax deducted at source) of Rs 30.55 crore, pursuant to the said resolution,” the lender said in a regulatory filing.

On Nov. 14, Aditya Birla Group firm UltraTech Cement won the bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal approved its revised Rs 7,950.34 crore bid over an offer by rival Dalmia Bharat Group.

In approving UltraTech’s resolution plan for Binani, which was auctioned to recover unpaid bank dues, NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.

Shares of IFCI settled at Rs 13.71 per scrip, up 0.81 percent, on the BSE.

Also read: Binani Cement Insolvency Resolution: Are Financial Creditors Guardian Angels?