Binani Cement Limited (BCL) is the flagship subsidiary of Binani Industries Limited (BIL), representing the Braj Binani Group. BCL has a capacity of 8.55 MTPA which includes an integrated cement unit with capacity of 4.85 MTPA and a split grinding unit with capacity of 1.4 MTPA in the State of Rajasthan. BCL has investments in subsidiaries in China and UAE. Total revenue of Binani cement for Mar-17 was ₹1,534.62 crores and a reported loss of ₹347.60 crores for that year. The company went under the insolvency resolution process initiated by its financial creditor in July 2017 with finally a resolution plan accepted in Nov 18 by NCLAT without any haircut to financial and operational creditors.
Corporate Insolvency Resolution Process (CIRP)
On 25th July, 2017, NCLT accepted an application filed by Bank of Baroda one of the financial creditor for initiation of Corporate Insolvency Resolution Process (CIRP) against the company. After various legal hurdles and multiple applications challenging resolution plan, finally on 14th November, 2018, NCLAT approved the resolution plan as submitted by Ultratech for Binani Cement and further Supreme Court also upheld NCLAT order.
Please Subscribe to read the full article.