New Delhi, Nov 15 :
7,950-crore resolution plan balances claim of all stakeholders, rival Rajputana’s bid discriminatory to some creditors, says appellate body The National Company Law Appellate Tribunal (NCLAT) on Wednesday approved a revised bid by Aditya Birla group firm UltraTech Cement for acquiring debt-ridden Binani Cement at ?7,950 crore.
The tribunal went in favour of the revised resolution plan submitted by UltraTech Cement, noting that it had taken care of maximisation of the assets of the ‘corporate debtor’ and also balanced the claim of all stakeholders of the ‘corporate debtor’. A bench headed by Justice S.J. Mukhopadhaya rejected the rival bid by the Dalmia Group-led Rajputana Properties Pvt. Limited., saying it was “discriminatory” to some of the creditors of Binani Cement. “The Rajputana Properties Private Limited, in its resolution plan, has discriminated some of the financial creditors who are equally situated and not balanced the other stakeholders such as operational creditors.
