NCLT orders acceptance of revised UltraTech offer for Binani

The National Company Law Tribunal (NCLT), Kolkata, on Wednesday, directed the resolution professional to accept UltraTech’s revised offer for Binani Cement and place it along with the resolution plan before the committee of creditors (CoC).

The CoC has also been directed to reconsider the resolution plan of Rajputana Properties Private Ltd., the lead-member of Dalmia Bharat combine which is in race with Ultratech to takeover Binani Cement, if it is willing to raise its present offer.

If both the companies are willing to participate in the bidding process, then the CoC is expected to allow both to choose the one which is best for the revival of the company.

NCLT, Kolkata, accepted the insolvency petition against Binani Cement moved by Bank of Baroda in July 2017. The total admitted amount outstanding against BCL, including amounts guaranteed by BCL, is ₹ 7,289 crore. The highest bid received for reviving BCL was ₹ 6,590 crores from Dalmia Bharat. Subsequently, Ultra Tech revised its offer to ₹ 7,960 crore.

BCL has a capacity of 11.5 million tonnes with units in China and Dubai.