NCLAT paves way for Binani CoC meet on UltraTech revised offer of Rs 79-bn

The NCLAT was hearing an appeal made by UltraTech on Monday to expedite the impending CoC meet where its proposal for Binani Cement takeover will be up for discussion

The NCLAT on Tuesday has ruled that the resolution professional (RP) of Binani Cement cannot decide on eligibility condition of the bidders placing their revised bids and instead directed the potentially bankrupt company’s Committee of Creditors (CoC) to select and approve one of the bids placed before it. In turn, it cleared the last hurdle, which has been holding back the crucial CoC meeting where UltraTech’s revised offer of Rs 79.60 billion will be up for discussion.

The NCLAT was hearing an appeal made by UltraTech on Monday to expedite the impending CoC meet where its proposal for Binani Cement