In its order on the Binani Cement Ltd. case, NCLT Kolkata on Wednesday directed the resolution professional to accept UltraTech Cement Ltd.’s revised offer for BCL within three days and place it along with the resolution plan before the Committee of Creditors.
The Division Bench, comprising Members Judicial Jinan K.R. and Madan B. Gosavi, directed the CoC to consider this revised offer, along with UltraTech’s resolution plan. The CoC has also been directed to reconsider the resolution plan of Rajputana Properties Private Ltd., if it was willing to improve its current offer. Rajputana is the lead member of the Dalmia Bharat combine which is vying with Ultratech to take over BCL. If both bidders were willing to participate in the process then the COC is expected to allow both and choose the best for the revival of the company, Justice Jinan said.
Dalmia Cement (Bharat) Ltd. expressed surprise at the order, saying the RP and the CoC had followed the due process of law in approving the plan of RPPL. “Any revised offer from an unsuccessful resolution applicant outside the resolution process cannot become a basis of setting aside the decision of the CoC,” the company spokesperson said. The order also said the resolution process for BCL was to be concluded before June 24.
‘All creditors to benefit’
The spokesperson for the Binani Operational Creditors Forum said the order would provide a fresh lease of life to 3,000 operating creditors, to whom BCL owes about ₹700 crore in principal amounts.
Sameer Kaji, senior adviser, Binani Industries, said, “UltraTech’s offer at about ₹8,000 crore is good for all creditors, secured and unsecured. Everybody will get 100% of their legitimate claim, without... haircuts as compared to Dalmia’s offer.”
(With inputs from Piyush Pandey, Mumbai)
