SME Times News Bureau | 15 Nov, 2018
The Supreme Court will hear on November 19 a plea of Dalmia Bharat
group-owned Rajputana Properties Private Ltd (RPPL) challenging the
National Company Law Appellate Tribunal (NCLAT) giving its nod to
UltraTech's bid for the debt-ridden Binani Cement.
The NCLAT had on Wednesday approved UltraTech Cement's Rs 7,900 crore revised bid for the debt-laden Binani Cement.
The
NCALT decision comes after the Supreme Court had in July transferred
the case to the Delhi-based appellate tribunal from the National Company
Law Tribunal (NCLT), Kolkata.
The Dalmia Bharat group-owned
Rajputana Properties Private Ltd (RPPL) had moved the Supreme Court
challenging Kolkata NCLT's order asking the Committee of Creditors (CoC)
to consider the revised bid by UltraTech Cement.
UltraTech
Cement's revised offer was at Rs 7,900 crore, against its earlier bid of
Rs 7,200 crore. The Aditya Birla Group company was earlier the
second-highest bidder but later proposed an improved offer.
