SC rejects Dalmia's plea, allows UltraTech to take over Binani Cement

So far, 31 operational creditors have moved the tribunal against the ArcelorMittal resolution plan

The Supreme Court (SC) on Monday upheld the National Company Law Appellate Tribunal’s (NCLAT’s) order approving UltraTech Cement’s revised bid for stressed asset Binani Cement, and dismissed a plea by the Dalmia Bharat-led consortium.

Rajputana Properties — the consortium led by Dalmia Bharat — had moved the SC on Friday against the NCLAT order, alleging that UltraTech was ineligible to bid for Binani Cement. It said the bid was late and Rajputana Properties had stuck to the process laid out by the Insolvency and Bankruptcy Code (IBC).

Last week, the NCLAT had rejected a bid from Dalmia Bharat, stating it