Binani insolvency: Dalmia Bharat moves SC against NCLAT nod to UltraTech

As the Binani Cement case enters the Supreme Court, it marks the last phase of this takeover battle between UltraTech and Dalmia Bharat raging for 16 months now

The agreement between UltraTech and Binani Cement stated that the Aditya Birla Group company would pay Rs 72.66 billion for takeover of about 98 per cent stake, on the condition that insolvency proceedings were terminated.

NCLAT's order had dismissed Dalmia Bharat’s appeal that UltraTech was ineligible under Section 29(A). The order stated that after a Resolution Plan is approved, any transfer of shares from Binani to UltraTech for payment would not render the latter ineligible under Section 29(A). Further, NCLAT said, the revised offer from UltraTech was not illegal and and the CoC had not rejected the offer on legal grounds.

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