Dalmia Bharat moves SC on NCLT's Binani Cement order, hearing on May 10

Dalmia Bharat's primary argument in the petition rests on the claim that the Kolkata bench of NCLT did not follow the due process of law as mandated under the IBC

The consortium led by Dalmia Bharat Cement, which had previously emerged as the successful bidder for acquisition of the stressed assets of Binani Cement, has filed a petition in the Supreme Court to get order passed by the Kolkata bench of NCLT overturned, which admitted UltraTech Cement’s higher offer for acquisition of the cement maker undergoing insolvency proceedings.

The move follows after Dalmia Bharat failed to obtain a preliminary stay on the NCLT’s order at the NCLAT on May 4. Although the Appellate Tribunal did not immediately direct a stay, which Dalmia Bharat was seeking, it scheduled the petition’s next