Binani CoC to meet tomorrow – The Hindu–09.05.2018

The Committee of Creditors (CoC) of Binani Cement Limited (BCL) will meet on Thursday, May 10 to decide on the ₹8,000 crore bid by Kumar Mangalam Birla-led UltraTech Cement.

The meeting will be attended by 13 financial creditors, operational creditors and BCL directors Braj Binani and Darshan Lal.

Revised offer

‘The meeting will consider the revised offer along with the resolution plan of Ultratech Cement Limited and will also take note of the list of creditors prepared by the Resolution Professional (RP),” a source told The Hindu. “The meeting will also take note of the directions of the order of the National Company Law Tribunal (NCLT), Kolkata dated May 2, 2018,” the source added.

In the resolution process for Binani Cement, the Kolkata bench of the NCLT had, on May 2, asked the RP Vijay Kumar Iyer and the CoC to accept the revised offer from UltraTech, bringing the Aditya Birla Group firm back in the race for Binani Cement.

The bench also offered the Dalmia Bharat-led Rajputana Properties a chance to improve its ₹6,930-crore offer and compete for the asset. Following the NCLT’s order allowing UltraTech a reentry, Dalmia Bharat moved the National Company Law Appellate Tribunal (NCLAT) against the order, but the NCLAT refused to pass a stay order and listed the matter for hearing on May 22.

Dalmia Bharat is learnt to have filed a petition in the Supreme Court seeking to set aside the NCLAT order as well as seeking a stay on the NCLT order allowing UltraTech’s reentry. The matter is likely to come up for hearing on Thursday, the day Binani’s CoC will meet to consider UltraTech’s ₹8,000 crore revised order for Binani Cement.

It is learnt that Bharat Dalmia, at this juncture, is not considering an increase in its the bid.

(With Yuthika Bhargava in New Delhi)

via Binani CoC to meet tomorrow – The Hindu

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