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The Kolkata Bench of the NCLT today passed an order directing the Resolution Professional of Binani Cements to accept the offer submitted by UltraTech.
Bar & Bench has accessed a copy of this order. The Bench has not only asked the Committee of Creditors (CoC) to consider the revised offer along with the plan submitted by UltraTech but has also given Rajputana Properties a chance to revise its offer in view of the UltraTech offer.
This ruling from the NCLT comes after a long drawn battle between the UltraTech- Binani (Industries) tag team against the interim management of the Binani Cements and the successful resolution applicant, Rajputana Properties (a wholly owned subsidiary of Dalmia).
After the NCLT on March 27, asked all stakeholders to consider an out of court settlement, the matter quickly escalated to the NCLAT and thereafter to the Supreme Court.
The Supreme Court, however, was quick to diffuse the matter following which NCLT was vested with the task of deciding whether or not UltraTech gets a second shot.
After Rajputana was declared as a winning bidder by the creditors in February, UltraTech aggressively pursued all strategies to be able to take over Binani Cements. It first approached the NCLT and then tied hands with Binani Industries to buy its stake in Binani Cements, seeking to take over outside the IBC regime. All this while, it continued to revise its bid value submitted to the CoC.
The final offer from UltraTech is close to Rs. 8000 crores, which is over and above Binani Cement’s total debt.
The final deadline for resolution of Binani Cements has now been pushed to June 24, 2018, which is a 2-month extension from its statutory 270-days deadline.
Senior Advocates Mukul Rohatgi and Sudipto Sarkar along with Mahesh Agarwal appeared for Ultratech. Senior Advocate Ratnanko Banerjee appeared for Binani. Shardul Amarchand Mangaldas represented Rajputana Properties. Senior Advocate Pratap Chatterjee along with Samrat Sen are representing the CoC, advised by Argus Partners. Senior Advocate Abhrajit Mitra is representing the RP advised by Luthra & Luthra.