Race for Binani Cement: Consider UltraTech’s new bid, NCLT to CoChttps://indianexpress.com/article/business/companies/race-for-binani-cement-consider-ultratechs-new-bid-nclt-to-coc-5160816/

Race for Binani Cement: Consider UltraTech’s new bid, NCLT to CoC

The bench, however, offered Dalmia Bharat-controlled Rajputana Properties (RPPL) a chance to better its offer of Rs 6,930 crore.

Bringing UltraTech back in the race for Binani Cement, the National Company Law Tribunal (NCLT) on Wednesday asked the resolution professional (RP) and the committee of creditors (CoC) to consider the revised offer from the country’s largest cement maker.

The decision is important since the Supreme Court had on April 13 been unwilling to interfere in the Insolvency and Bankruptcy Code (IBC) proceedings, following which Binani Industries (BIL) withdrew its appeal for an out-of-court settlement for the sale of its subsidiary Binani Cement.

The bench, however, offered Dalmia Bharat-controlled Rajputana Properties (RPPL) a chance to better its offer of Rs 6,930 crore. FE