Dalmia Bharat alleges UltraTech legally ineligible to bid for Binani Cement

Binani Cement had failed to conclude an out-of-court settlement with its lenders

On the eve of the crucial meeting of Binani Cement’s Committee of Creditors (CoC) on Thursday, Dalmia Bharat Cement has written to the lenders and the company’s resolution professional alleging that UltraTech Cement is disqualified to bid for Binani Cement under Section 29 (A) of the IBC.

The aforesaid section deals with various ineligibility parameters for resolution applicants. As per Section 29 (A) (c) of the IBC, any person or promoter who is managing a company classified as non-performing asset for a period of one year till the commencement of insolvency proceedings stands disqualified. The provision mentions that any other