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NCLAT directs RP to give comments only on revised bids of Binani Cement

Press Trust of India  |  New Delhi 

The NCLAT today directed the resolution professional (RP) of not to decide over the eligibility of the revised bids but only submit its comments to the lenders.

The (NCLAT) made the remarks while hearing an application filed by in the insolvency matter.

An NCLAT bench headed by Justice S.J Mukhopadhyaya directed that RP would only hand over its comments over questions pertaining to conformity with the Insolvency and Bankruptcy Code (IBC) on the revised bids to (CoC).

"RP will examine each plan and give comments but can not give any opinion on the resolution plan," the bench said.

The bench further said his comments would be handed over to CoC in a sealed cover.

"CoC is required to approve one or another plan... They should record their reasons," the bench said.

It also added that any decision of CoC "would be subject to outcome of this appeal."

The appellate tribunal was hearing an application filed by UltraTech, which has submitted revised bids.

During the proceedings, Mukul Rohatgi appearing for submitted that RP deciding over eligibility of bids will give rise to "parallel proceedings with the case in NCLAT.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 13:10 IST