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May 22, 2019
Dalmia Bharat moves SC against NCALT nod to Ultratech bid for Binani Cement
New Delhi, Nov 15 (IANS) The Supreme Court will hear on November 19 a plea of Dalmia Bharat group-owned Rajputana Properties Private Ltd (RPPL) challenging the National Company Law Appellate Tribunal (NCLAT) giving its nod to UltraTech’s bid for the debt-ridden Binani Cement.
The NCLAT had on Wednesday approved UltraTech Cement’s Rs 7,900 crore revised bid for the debt-laden Binani Cement.
The NCALT decision comes after the Supreme Court had in July transferred the case to the Delhi-based appellate tribunal from the National Company Law Tribunal (NCLT), Kolkata.
The Dalmia Bharat group-owned Rajputana Properties Private Ltd (RPPL) had moved the Supreme Court challenging Kolkata NCLT’s order asking the Committee of Creditors (CoC) to consider the revised bid by UltraTech Cement.
UltraTech Cement’s revised offer was at Rs 7,900 crore, against its earlier bid of Rs 7,200 crore. The Aditya Birla Group company was earlier the second-highest bidder but later proposed an improved offer.