To remind you, last month, UltraTech's board had agreed to issue a 'comfort letter' to provide the above-mentioned amount in return for 98.43 per cent stake in Binani Cement. "If they can take the company out of insolvency proceedings, we are happy to pay the same amount of money to buy the company and it has to be used to repay the debt. For that purpose they wanted a letter of comfort and we have given them a letter of comfort. I do not think that we have gone against IBC anyway," UltraTech Cement CFO Atul Daga was quoted saying earlier.