Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed

UltraTech is set to bag Binani Cement, with the National Company Law Appellate Tribunal (NCLAT) on Wednesday approving the revised bid of Aditya Birla group firm UltraTech Cement while rejecting the earlier preferred offer of Dalmia Bharat group as discriminatory.

A two-member bench of NCLAT, headed by chairman justice S J Mukhopadhaya ordered “constitution of monitoring committee and implementation of revised approved plan submitted by ‘Ultratech Cement Limited’ in accordance with law”.

The 44-page judgement made wide ranging observations on the various aspects of Insolvency and Bankruptcy Code, reminding the key objectives and principles of the rules and its abuses, which would impact the outcome of the resolution of several other entities including Essar Steel where the contours of the disputes are similar.

Dalmia Bharat-promoted Rajputana Properties had moved the Supreme Court against a decision by the lenders of Binani 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.

This story first appeared in DNA Money: Binani Cement goes to UltraTech at NCLAT