The case of Binani Industries Ltd v. Bank of Baroda and others proved to be a landmark decision by the supreme court of India. The insolvency resolution process is aimed at extracting the maximum value from  the auctions of stressed assets. India’s bankruptcy appeals court ruled that the UltraTech Cement Ltd’s revised ₹ 7,900 crore bid to acquire debt-laden Binani Cement Ltd. Going with the order of the NCLAT, it reasoned that the insolvency law’s aim was to provide a resolution process rather than preferring liquidation, in a time-bound manner for maximisation of the value of assets to promote entrepreneurship, credit availability and to balance the interest of various stakeholders. It, therefore, okayed UltraTech’s offer of Rs 79.5 billion, dismissing Rajputana Properties’ Rs 69.32 billion offer. After the resolution plans were invited for bid for the insolvent company of Binani Industries ltd., the premier offer was from UltraTech cement (which is a limb of Aditya Birla Group) was for a sum of 65 billion, which was very low in comparison to Dalmia’s Bharat. The former company had then amended and revised  it’s offer to outbid the latter. The revised bid was rejected by the Committee of Creditors (CoC) and the consortium of Dalmia Bharat was duly selected. However, the same was starkly opposed by the operational creditors and other stakeholders like UltraTech, Binani, SBI Hong Kong, EXIM Bank. The NCLAT’s order also ruled out that an insolvency application once filed cannot be withdrawn at a date later merely because the promoter of the financially stressed company has offered to pay all outstanding dues.

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