NCLT ruling on Bhushan Power & Steel boosts UltraTech plea for Binani

Ultratech to appeal to Kolkata bench of NCLT to ask Binani Cement CoC to consider its revised offer, which is Rs 11 bn higher than the one already approved

The recent order by NCLT Delhi in the Bhushan Power & Steel case admitting a bid after completion of the bidding date, has made the case stronger for UltraTech Cement, which lost out to Dalmia Bharat Cement in the race for acquisition of the hitherto bankrupt Binani Cement.

The legal counsel of UltraTech Cement, which had touched upon the decision from NCLT Delhi on Monday's hearing told Business Standard that they are going to cite this ruling as a "precedence set by NCLT" to appeal to the Kolkata bench of NCLT to ask the Committee of Creditors (CoC) of Binani Cement