Binani Cement insolvency: NCLT asks CoC to consider UltratTech’s revised bid
The protracted battle to acquire Binani Cement is set for another showdown. The Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday asked the committee of creditors (CoC) of Binani Cement to evaluate a revised offer by UltraTech Cement Ltd. UltraTech’s revised bid is Rs 1,021.70 crore more than that of Dalmia Bharat group’s offer.
The revised bid from UltraTech has to be submitted within three days to the resolution professional to forward the same to the CoC of Binani Cement and the entire process has to be now concluded within June 24, the NCLT said. The UltarTech offer promises to repay the claims without any haircut to all secured and unsecured claims.
The development, which could possibly set a new precedent under the insolvency and bankruptcy code, comes after the Supreme Court had refused to allow the out-of-bankruptcy court deal between UltraTech Cement and Binani Industries (BIL) for its beleaguered subsidiary Binani Cement.