Infrastructure term lender IFCI on Monday said it has received Rs 4.92 billion towards security receipts under the IBC 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 4.91 billion, net of TDS of Rs 305.5 billion, pursuant to the said resolution,” IFCI said in a regulatory filing.
On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal (NCLAT) approved its revised Rs 79.50 billion 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 per cent, on the BSE.
Source: Business Standards, November 26,2018