The National Company Law Appellate Tribunal (NCLAT) on Tuesday deferred the hearing of Binani Cement Ltd insolvency case till 20 July.
A two-judge NCLAT bench headed by justice S.J. Mukhopadhyay deferred the hearing which was scheduled on Tuesday as the file related to the case had not been sent by National Company Law Tribunal (NCLT) Kolkata, which was hearing the matter before NCLAT.
Earlier this month, the Supreme Court directed NCLAT to adjudicate upon all issues in the Binani Cement insolvency case, including the question of UltraTech Cement’s eligibility under Section 29A as well the legality of its bid, at the earliest.
In doing so, the apex court transferred the matter from NCLT’s Kolkata bench, which was set to hear the issues on 9 July, to the insolvency appellate authority in New Delhi.
Dalmia Bharat-controlled Rajputana Properties Pvt. Ltd had moved NCLAT in May against the 2 May order of NCLT, which allowed the resolution professional and committee of creditors (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 ₹6,930 crore.
UltraTech Cement’s revised offer was at ₹7,900 crore, against its earlier bid of ₹7,200 crore.
NCLAT on 15 May refused to stall the insolvency process and asked the resolution professional to continue with the resolution process by submitting the revised resolution plans for the corporate debtor in a sealed cover before the CoC, along with his opinion on questions pertaining to conformity with the Insolvency and Bankruptcy Code (IBC).
Binani Cement, which was admitted by NCLT in July 2017 for resolution under the IBC, owes more than ₹6,500 crore to its lenders.
Source: Livemint; July 10, 2018