Insolvency: Binani Cement submits UltraTech plan for NCLT approval

Dalmia Bharat ready to contest it in a bid to win the takeover battle

After the resolution professional (RP) of Binani Cement submitted the resolution plan of UltraTech Cement’s Rs 79.60 billion offer for approval from the Kolkata bench of the NCLT on Friday, Dalmia Bharat Cement also geared up for battle by deciding to challenge it in the tribunal on the very day it will be up for discussion.

In its previous order, the NCLT had directed various stakeholders involved in the takeover of Binani Cement case to apprise it on Monday, and it is expected that UltraTech’s plan will be up for discussion on that day itself.

Sources said that Dalmia Bharat’s challenge may