Kolkata : The National Company Law Tribunal (NCLT) on Wednesday asked the Committee of Creditors (CoC) of debt-ridden Binani Cement to consider UltraTech’s revised offer while setting June 24 as deadline for completion of the insolvency resolution process. The NCLT bench asked the CoC to reconsider resolution plan of Rajputana Properties (RRPL), if the Dalmia Bharat Group firm, was willing to raise its offer more than UltraTech’s bid.
“It is made clear that of both resolution applicants if willing to participate in the bidding process, the CoC is expected to allow both resolution applicants in the bidding process and which is best for revival of corporate debtor (Binani Cement) is to be decided by the CoC,” it said.
In a relief to UltraTech, which had placed a revised offer which more than Rs 1,020 crore higher than the winning bid of Dalmia Bharat Group, the NCLT Kolkata bench said “we may not blind in a case of this nature” while “taking judicial notice of denial of a better revival of the corporate debtor on flimsy grounds”.
“Approval of the plan of RPPL does not satisfy larger claim of operational creditors and not satisfy some of the unsecured financial creditors claim,” said a two-member NCLT bench.
“For the said reason we are not bound to approve a resolution plan when we are satisfied upon relevant material regarding availability of a better resolution if RP is directed to have reconsideration of both plans under dispute,” the tribunal said.
A Dalmia Bharat spokesperson said “surprised” by the order passed by the tribunal and would take the appropriate steps required in this.
“We are surprised by the order passed by the NCLT on Wednesday. The RP and CoC followed the due process of law in approving the plan of RPPL in which no flaw has been found,” it said.
