News Details

( 08/05/2018 11:32)
Binani CoC likely to discuss UltraTech bid on May 9

The Binani Committee of Creditors (CoC) is likely to meet on May 9 and discuss the revised bid of Ultra Tech Cement valued at around Rs 7900 crore for the debt-laden Binani Cement.

"The CoC is meeting on Wednesday (May 9)," sources close to the development told PTI.

Ultra Tech has already submitted its revised offer with the Resolution Professional but the exact bid value is not known.

The Kolkata bench of National Company Law Tribunal(NCLT) had on May 2 directed the Committee of Creditors (CoC) of Binani Cement to consider the revised bid of Ultra Tech Cement, which is Rs 1021 crore more than of Dalmia consortium.

On that day an official representing Ultra Tech had said they would be submitting the same Rs 7960 crore offer before the CoC.

One of Ultra Tech's counsel during a hearing had said the company will increase the bid by Rs 500 crore if Dalmia Bharata matches the offer.

The CoC had earlier accepted the resolution of Dalmia Bharat by a clear majority.

Dalmia Bharat is, however, not out of the race as CoC has to consider its bid if it matches the Ultra Tech bid.

Dalmia Bharat's Rajputana Properties had approached the Appellate body of the NCLT on May 4 to obtain a stay on NCLTs order.

The NCLAT, however, did not stay the Tribunals order and allowed the CoC to proceed with its meetings.

The NCLAT will hear Dalmia Bharat's plea on May 22.

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