Dalmia Bharat group moves NCLAT against NCLT order in Binani insolvency case

Dalmia Bharat group moves NCLAT against NCLT order in Binani insolvency case
05/05/2018 , by , in News/Views

Dalmia Bharat group moves NCLAT against NCLT order in Binance insolvency caseKOLKATA: Dalmia Bharat group firm Rajputana Properties on Friday moved the National Company Law Appellate Tribunal (NCLAT) challenging the order of the National Company Law Tribunal (NCLT), Kolkata Bench, that instructed the resolution professional (RP) and the committee of creditors (CoC) to accept the revised bid of Ultra-Tech for Binani Cement. However, NCLAT has not stayed the judgment of NCLT Kolkata. The next hearing is on May 22.

The counsel for Binani Operational Creditors Forum (BOCF), D Vussonji, said there was no stay on the NCLT order. “Now the RP and the CoC of Binani Cement can accept the revised offer from UltraTech and the procedure can go on. Dalmia Bharat will have the chance to match the offer. If the latter matches the offer then, there would be an open bidding as per the NCLT order. However, the outcome of the May 22 hearing will have an impact on the outcome of the bidding,” he added.

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