Binani war to drag further, Dalmia may contest NCLT order

The Dalmia Bharat Group expressed surprise over the NCLT Kolkata bench order to Committee of Creditors (CoC) of Binani Cement today to consider the revised bid of Ultra Tech Cement and hinted at contesting it at a higher forum.

"We are surprised by the order passed by NCLT today. The Resolution Professional and CoC followed the due process of law in approving the plan of Rajputana Properties Pvt Ltd (RPPL) in which no flaw has been found. We will take all the appropriate steps required," a Dalmia Bharat spokesperson said in a statement without giving any further details on the proposed step.

"In our view, any revised offer from an unsuccessful resolution applicant outside the resolution process cannot become a basis for setting aside the decision of the CoC. We have a strong conviction that we have followed the law as per the due process and believe that we will eventually succeed," the group said.

The NCLT bench order said the UltraTech offer was Rs 1021.70 crore higher than of RPPL offer.

The revised bid from Ultra Tech has to be submitted within three days from today to the Resolution Professional to be placed before the Binani Cement CoC, the NCLT said.

Binani had agreed to sell 98 per cent stake to Ultra Tech trying to stall the insolvency proceeding in an out-of-court settlement with the lenders.