NCLAT okays UltraTech’s bid for Binani Cement

New Delhi: The National Company Law Appellate Tribunal (NCLAT) today approved the revised bid of Aditya Birla group firm UltratTech Cement for debt-ridden Binani Cement. A two-member Bench of NCLAT, headed by Chairman Justice SJ Mukhopadhaya, approved UltraTech’s resolution plan and said plan submitted by the rival Dalmia Bharat group firm Rajputana Properties was “discriminatory” against some financial creditors.

Earlier on July 2, the Supreme Court had transferred all matters related to corporate insolvency resolution process of Binani Cement to the appellate tribunal from the National Company Law Tribunal, Kolkata.

The apex court had directed NCLAT to hear the case on a day-to-day basis.

Rajputana Properties had moved the Supreme Court against a decision by the lenders of Binani Cement to consider the revised resolution plan submitted by UltraTech. PTI