The National Company Law Appellate Tribunal (NCLAT) on Wednesday approved the Aditya Birla Group firm UltraTech Cement’s revised offer to take over debt-ridden Binani Cement for Rs 79.50 billion. The NCLAT rejected the Rs 69.32 billion resolution plan by the Dalmia Bharat Cement-led consortium, terming it “discriminatory”.
A two-member Bench headed by Chairperson Justice S J Mukhopadhaya said, “We approve the revised resolution plan submitted by UltraTech Cement Limited, which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan”.
In the 44-page order, the NCLAT also noted that the plan submitted by Rajputana Properties, the consortium led by Dalmia Bharat Cement, not only discriminated between the financial and operational creditors but between the sections of financial creditors as well.
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