Ripples Advisory, NCLT Kolkata bench orders Binani lenders to consider UltraTech plan
The tribunal also provided scope to the Dalmia Bharat Cement led consortium to raise its bid over UltraTech Cement's revised offer
The Kolkata bench of the National Company Law Tribunal on Wednesday ordered the resolution professional of Binani Cement to accept the revised offer of Rs 79.60 billion from UltraTech Cement and place it before lenders for their consideration.
This can potentially set a precedent for lenders to negotiate with an unsuccessful bidder for maximisation of value under the Insolvency and Bankruptcy Code.
The tribunal also provided scope to the Dalmia Bharat-led consortium to raise its bid over UltraTech’s revised offer.
According to the order passed by Jinan KR and Madan B Gosavi at Kolkata Bench of the NCLT, the resolution professional, Vijay Kumar Iyer, has been directed to accept the revised bid and place it along with UltraTech’s resolution plan before the Committee of Creditors (CoC) within Saturday, May 5.
UltraTech had challenged the selection criteria and process by the resolution professional and the CoC in the NCLT and stated that a wrong gradation system led it to become the H2 bidder.
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