The NCLAT today started its hearing over the fate of debt-ridden Binani Cements, which has received bids from UltraTech and Dalmia Bharat Group. The National Company Law Appellate Tribunal (NCLAT) directed the matter to be listed on August 1, from when it would start day-to-day hearings on the cross-petitions filed by Dalmia Bharat Group firm Rajputana Properties and the country’s largest cement maker UltraTech. Earlier on July 2, the Supreme Court had transferred all matters related to corporate insolvency resolution process of Binani Cement to the appellate tribunal from the National Company Law Tribunal, Kolkata.
The apex court had directed NCLAT to hear the case on a day-to-day basis. Rajputana Properties had moved the Supreme Court against a decision by the lenders of Binani Cement 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. UltraTech Cement’s revised offer was at Rs 7,900 crore, against its earlier bid of Rs 7,200 crore. UltraTech Cement was earlier the second-highest bidder and had come up with an improved offer, backed by promoters of Binani Cements.