Insolvency: NCLT asks for selection details in Binani Cement case

RP to provide criteria for selection of bidder, minutes of meetings by March 26

A single-member judge in the Kolkata bench of the National Company Law Tribunal (NCLT) has ordered the resolution professional for Binani Cement to submit by March 26 the criteria and the procedure for selection of the bidder, minutes of meetings, and a timeline of proposals and decisions taken after counsel for Binani Cement and UltraTech Cement mounted their opposition to the way the resolution plan had been concluded.

The plan approved by resolution professional Vijay Kumar Iyer resulted in the Dalmia Bharat Cement-led consortium winning the bid for Binani Cement. 

The judge also sought details of the proceedings and outcome of the