NCLT Kolkata bench orders Binani lenders to consider UltraTech plan

The tribunal also provided scope to the Dalmia Bharat Cement led consortium to raise its bid over UltraTech Cement's revised offer

The Kolkata bench of the National Company Law Tribunal on Wednesday ordered the resolution professional of Binani Cement to accept the revised offer of Rs 79.60 billion from UltraTech Cement and place it before lenders for their consideration. 

This can potentially set a precedent for lenders to negotiate with an unsuccessful bidder for maximisation of value under the Insolvency and Bankruptcy Code. 

The tribunal also provided scope to the Dalmia Bharat-led consortium to raise its bid over UltraTech’s revised offer.

According to the order passed by Jinan KR and Madan B Gosavi at Kolkata Bench of the NCLT, the resolution professional, Vijay