KOLKATA: The National Company Law Tribunal (NCLT) ordered on Wednesday the resolution professional (RP) for Braj Binani Group’s bankrupt Binani Cement to accept UltraTech’s revised offer within 72 hours of the judgment. It also directed the RP to submit the revised offer along with the resolution plan to the committee of creditors (CoC)
Taking the working capital requirement into consideration, the final offer of rival bidder Dalmia Bharat group came to around Rs 6,800 crore. In its order, NCLT also directed CoC to reconsider the resolution plan of Rajputana Properties (RPPL), a Dalmia group firm. “If both resolution applicants (UltraTech and RPPL) are willing to participate in the bidding process, CoC is expected to allow both of them and the best way for the revival of the corporate debtor is to be decided by CoC,” the order stated.
Following the announcement of declaring Dalmia as the top bidder on February 27, UltraTech, one of the unsuccessful bidders, had raised its offer substantially. Eventually, on March 19, it concluded a deal with Binani Industries for sale of 98.4% stake in the cement maker for Rs 7,266 crore. Even without rejecting UltraTech’s revised bid, Binani Cement’s creditors approved a resolution plan with Dalmia as the highest bidder. Amid opposition from the Braj Binani group and Ultra-Tech, the plan was filed with the tribunal for its approval earlier in April. Binani Cement has an annual capacity of 6.25 million tonnes.