Mapping insolvency: UltraTech moves NCLAT in Binani case

A source in the UltraTech said their appeal rests on the claim that the CoC meeting was according to the directives of the NCLT

UltraTech Cement has filed an application with the National Company Law Appellate Tribunal (NCLAT) complaining that the order of the National Company Law Tribunal’s (NCLT) Kolkata Bench, which mandated the committee of creditors (CoC) of Binani Cement to consider its revised offer, has not been followed and has pleaded the appellate to direct the CoC to consider its offer.

According to the order passed on May 2 by the Kolkata Bench of the NCLT, the CoC had to meet to consider UltraTech’s Rs 79.60 billion offer latest by May 5. However, the CoC had decided to meet on May 10,