Binani Cement: Dalmia Bharat moves SC against NCLAT order

The Dalmia Bharat Group has moved the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order approving UltraTech Cements Rs. 7,950-crore bid for Binani Cement. Confirming the development, Mahendra Singhi, MD and CEO, Dalmia Cement (Bharat) Limited told The Hindu , “We have filed an appeal in the Supreme Court against the order of the NCLAT. “They (Supreme Court) have agreed to hear our appeal and will hear the petition on Monday.” Advocate Gopal Sankaranarayanan, representing Dalmia Bharat’s Rajputana Properties, filed the petition. On Wednesday, a two-member bench of the NCLAT headed by Chairperson Justice S.J. Mukhopadhaya rejected the resolution plan submitted by Rajputana Properties, calling it “discriminatory” and “unbalanced.” “The objective of the Insolvency and Bankruptcy Code is resolution (and) the purpose of the resolution is for maximisation of the value of assets of the corporate debtor,” the tribunal ruled. Accepted revised bid Dalmia Bharat is aggrieved because Binani Cement’s committee of creditors (CoC) had accepted UltraTech Cements’ revised bid of Rs. 7,950 crore after Rajputana Properties’ Rs. 6,930-crore bid was declared the highest. Challenged CoC decision Dalmia Bharat had, in July, approached the Supreme Court challenging the CoC decision to consider UltraTech’s revised proposal, but the Apex Court had referred the matter to the NCLAT. Dalmia Bharat’s appeal to the Supreme Court challenging the NCLAT’s order of November 14, seeks to draw the Apex Court’s attention as to how the NCLAT judgement approved a resolution plan revised and improved by UltraTech well beyond timeline defined under IBC 2016.

Source : https://www.thehindu.com/todays-paper/tp-business/binani-cement-dalmia-bharat-moves-sc-against-nclat-order/article25511614.ece

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