The Corporate Insolvency Resolution Process (CIRP) of Binani Cement Limited (BCL) essentially is a pioneer case of the Indian insolvency law under the Insolvency and Bankruptcy Code, 2016 (IBC). It was launched in July 2017 and finished in November 2018. The case actually highlighted how tricky the balancing between the interest of creditors and maximising the value of a company can be. High operating costs, overseas debt, sector slowdown and an enormous US 250m of guarantee crystallised into financial distress at BCL. Big players came out to bid in the resolution and the initial preferential choice was Dalmia Bharat. But UltraTech Cement came in, and offered a higher bid and repayment to the creditors.