Kolkata, May 2 : In the battle for taking over the bankrupt Binani Cement, the National Company Law Tribunals' (NCLT) Kolkata bench on Wednesday directed the Resolution Professional and the Committee of Creditors (CoC) of insolvent firm to accept and consider the revised offer of the UltraTech Cement.
The tribunal also asked the CoC to reconsider the resolution plan of Dalmia Bharat-controlled Rajputana Properties if it is "willing to raise the offer above" UltraTech's bid.
The two-member bench also directed to conclude the Corporate Insolvency Resolution Process by June 24.
"The resolution professional is directed to accept the revised offer...from UltraTech within 3 days from the date of this order and place it along with the resolution plan of UltraTech before the CoC....the CoC is directed to consider the revised offer along with the resolution plan of UltraTech..." the order said.
"The CoC is also directed to reconsider the resolution plan of RPPL, if the resolution applicant is willing to raise the offer above the offer of UltraTech to be placed before it by RP..." it added.
The order also said it is made clear that if both resolution applicants are willing to participate in the bidding process, "CoC is expected to allow both resolution applicants in the bidding process and which is the best for revival of the corporate debtor is to be decided by the committee of creditors."
During the ongoing insolvency proceedings of Binani Cement, Resolution Professional Vijaykumar V.
Iyer, submitted the resolution plan of ajputana Properties before the bench as the "highest bidder" to take over the debt-laden company.
"Surprised" by the order, a Dalmia Bharat spokesperson on Wednesday said the resolution professional and CoC followed the due process of law in approving the plan of RPPL in which "no flaw has been found".
"In our view, any revised offer from an unsuccessful resolution applicant outside the resolution process cannot become a basis of setting aside the decision of the CoC.
We have strong conviction that we have followed the law as per the due process and believe that we will eventually succeed.
We will take all the appropriate steps required," the spokesperson added.
In fact, Binani Industries, the parent company of insolvent company, had submitted the application before the tribunal seeking termination of insolvency proceedings against its cement manufacturing subsidiary.
The move came after the company had concluded a commercial understanding with the UltraTech Cement to sell its entire 98.43 per cent stake in its cement manufacturing subsidiary at a consideration of Rs 7,266 crore.
"A lot of apprehensions were raised by the Resolution Professional about UltrTech obtaining the CCI clearance, on its bid for Binani Cement.
CCI has today (Wednesday) cleared it. The company was rated the H2 bidder instead of HI (highest bidder), for this reason," the Aditya Birla group company had said in a regulatory filing.