NCLAT asks Binani Cement’s resolution professional to submit revised resolution plans for the corporate debtor in a sealed cover before the Committee of Creditors
The National Company Law Appellate Tribunal (NCLAT) on Tuesday prohibited the resolution professional for Binani Cement Ltd from seeking an opinion from the resolution applicants and other parties on the questions of eligibility, to avoid being prejudiced by such opinions.
An NCLAT bench headed by Justice S.J. Mukhopadhyay asked the resolution professional to submit the revised resolution plans for the corporate debtor in a sealed cover before the Committee of Creditors (CoC) along with his opinion on questions pertaining to conformity with the Insolvency and Bankruptcy Code (IBC).
The appellate tribunal further asked the CoC to record reasons for accepting or refusing a resolution plan, as well as the opinion of the board of directors. A meeting of the CoC is set to take place on 18 May.
The final resolution plan will be submitted before NCLT, whose order would be subject to the outcome of the appeal before NCLAT.
On 4 May, NCLAT had, as an interim measure, upheld the order of NCLT’s Kolkata bench in an appeal moved by Dalmia-Bharat controlled Rajputana Properties by allowing the resolution professional and CoC for Binani Cement to consider the revised resolution plan submitted by UltraTech, while offering Rajputana Properties an opportunity to revise its resolution plan of Rs6,930 crore.
UltraTech Cement’s revised offer stood at Rs7,900 crore, against its earlier bid of over Rs7,200 crore.
The appeal would be next heard by NCLAT on 22 May.
Source: Livemint, May 15, 2018