New Delhi: The Supreme Court on Monday directed the National Company Law Appellate Tribunal (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 the National Company Law Tribunal’s (NCLT’s) Kolkata bench, which was sent to hear the issues on 9 July, to the insolvency appellate authority in New Delhi.
“Let all points be finally decided by the appellate authority on merits after hearing both parties," a two-judge bench comprising Justice Rohinton F. Nariman and Indu Malhotra said while asking NCLAT to pronounce its verdict as soon as possible.
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.