November 15, 2018

NCLAT gives UltraTech approval to acquire Binani Cement


On November 14, the National Company Law Appellate Tribunal (NCLAT) gave UltraTech Cement the much-awaited approval to acquire Binani Cement. The Tribunal approved UltraTech’s bid of Rs 7,900 crore, thus rejecting the offer of Rs 6,930 crore by Dalmia Group firm Rajputana Properties.

According to the Tribunal, the revised resolution plan submitted by Ultratech and approved by the Committee of Creditors (CoCs) meets the requirements.

The Tribunal further added that the plan shall be binding on the corporate debtor and its employees, members, creditors, guarantors, and other stakeholders involved in the resolution plan and then directed the adjudicating authority to form a monitoring committee for implementing Ultratech’s revised approved plan in accordance with law.

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