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Business News/ Companies / News/  Binani Cement lenders may not meet on Thursday to consider UltraTech’s revised bid
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Binani Cement lenders may not meet on Thursday to consider UltraTech’s revised bid

The scheduled meeting to consider UltraTech's revised bid for Binani Cement may have been called off in view of the objections raised by Dalmia Bharat

After being outbid by Dalmia Bharat, UltraTech revised its offer for Binani Cement, topping its competitor’s bid by over Rs1,000 crore, and moved the NCLT. Photo: ReutersPremium
After being outbid by Dalmia Bharat, UltraTech revised its offer for Binani Cement, topping its competitor’s bid by over Rs1,000 crore, and moved the NCLT. Photo: Reuters

Kolkata: The lenders of Binani Cement Ltd may not be meeting on Thursday at St. Regis Hotel in Mumbai to consider UltraTech Cement Ltd’s revised bid.

The scheduled meeting to comply with an order of the Kolkata bench of the National Company Law Tribunal (NCLT) may have been called off in view of the latest objections raised by Dalmia Bharat Ltd, which was declared by the committee of creditors as the highest bidder.

According to some lenders, who asked not to be named, the resolution professional Vijaykumar V. Iyer late on Wednesday evening sent out a message to the committee of creditors saying that the meeting stands cancelled because he wants to review the allegations made by Dalmia Bharat.

Dalmia Bharat has alleged that UltraTech is ineligible to bid for the assets of Binani Cement under section 29A of the Insolvency and Bankruptcy Code. The company, however, had not argued that its competitor was barred from bidding under this section during the protracted legal battle at the Kolkata bench of the tribunal, which ended last week.

After being outbid by Dalmia Bharat, UltraTech revised its offer for Binani Cement, topping its competitor’s bid by over Rs1,000 crore, and moved the NCLT. It wanted the lenders to consider its revised bid even after they had filed Dalmia Bharat’s bid as the chosen resolution plan.

Last week, the tribunal passed its verdict saying that UltraTech’s bid should be considered as also Dalmia Bharat’s fresh bid if it wishes to revise it, restarting a two-way contest between the two suitors. Dalmia Bharat has since moved the Supreme Court challenging the NCLT’s verdict allowing the lenders to consider UltraTech’s revised offer.

The matter has not been heard yet at the apex court.

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Published: 09 May 2018, 11:55 PM IST
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