NCLAT approves UltraTech's bid for Binani Cement

The National Company Law Appellate Tribunal (NCLAT) Wednesday 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 S J Mukhopadhaya, approved UltraTech resolution plan and said that 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. The committee of creditors had also asked Rajputana Properties to revise its offer of Rs 6,930 crore. UltraTech Cement's revised offer was at Rs 7,900 crore, against its earlier bid of Rs 7,200 crore. UltraTech Cement was earlier the second-highest bidder and had come up with an improved offer, backed by promoters of Binani Cements.