Binani Insolvency: Dalmia moves SC again on UltraTech's eligibility to bid

Dalmia Cement has approached SC to declare UltraTech Cement ineligible to bid

Just ahead of the scheduled meeting of the Committee of Creditors (CoC) of Binani Cement, which is undergoing bankruptcy proceedings, the Dalmia Bharat Cement-led consortium has moved Supreme Court for the second time — this time challenging UltraTech Cement’s eligibility to bid.

Sources aware of the development said Dalmia Bharat’s primary contention is that UltraTech is ineligible to bid under Section 29(A) of the Insolvency and Bankruptcy Code (IBC), which deals with several conditions making a bidder ineligible to bid.

On May 9, the eve of the first CoC meeting which was scheduled to post the order of the Kolkata bench of