RP places Rs 67-bn plan by Dalmia Bharat Cement for approval before NCLT

As per Monday's order, Dalmia Bharat Cement's resolution plan, along with the allegations from UltraTech Cement and Binani Cement will be up for hearing on March 22

Despite UltraTech Cement and promoter of Binani Cement mounting opposition to the resolution plan approved by the Committee of Creditors (CoC) on March 14, the resolution professional (RP) for the bankrupt Binani Cement has placed the Rs 67-billion plan by Dalmia Bharat Cement-led consortium for approval of the Kolkata bench of NCLT.

On Monday, the court was hearing petitions from UltraTech Cement and Braj Bhushandas Binani, director of Binani Cement. While the former alleged that its bid was rejected by the RP without citing proper reasons, the petition from the latter alleged that the RP and CoC had reduced