While the National Company Law Appellate Tribunal (NCLAT) on Tuesday rejected Dalmia Bharat’s petition for a status quo on the resolution process for Binani Cement, the company is unlikely to raise the offer for the cement firm to better that by UltraTech Cement, sources close to the developments said. “The company is expected to let the committee of creditors (CoC) know of its decision by 12 pm on Wednesday. However, the company will await the final order of the NCLAT and may approach the Supreme Court,” a source added.
The next meeting of the CoC is expected to be either on Wednesday or Thursday. The Aditya Birla Group-controlled UltraTech Cement is understood to have offered Rs 7,960 crore for Binani Cement, which is around Rs 1,100 crore higher than what Dalmia Bharat has put on the table. Binani Cement owes around Rs 6,500 crore to its financial creditors, according to claims admitted by the National Company Law Tribunal (NCLT).
When contacted, Dalmia Bharat’s spokesperson declined to comment on the matter.
The appellate tribunal also said that the aim of the IBC is to maximise return on assets. FE