Dalmia Bharat won't revise offer, will move NCLAT if UltraTech plan okayed

As per the Tribunal, the spirit and objective of IBC is maximisation of value

Unwilling to budge on its Rs 65.89 billion takeover offer of the stressed assets of Binani Cement, the Dalmia Bharat Cement-led consortium, which previously won the bid, will move the National Company Law Appellate Tribunal (NCLAT) if the Kolkata bench of the NCLT gives approval to the UltraTech Cement’s offer.

On Tuesday, the appellate tribunal rejected Dalmia Bharat’s plea to maintain the status quo on the ongoing tussle between itself and the Aditya Birla Group firm for the acquisition of Binani Cement.

A source said since Dalmia Bharat was not revising the offer, the committee of creditors (CoC) was at will to