Binani Cement Insolvency: NCLT asks CoC to call open bids from UltraTech, Dalmia

In a landmark judgement that would give direction to the insolvency proceedings running in various NCLT courts, the Kolkata bench has rebuked the RP for not doing enough to resolve the Binani Cement case.

The court observed that the Resolution Professional (RP) is supposed to take business decisions and run the distressed firm independently. The court also extended the Binani Cements resolution period to June 24.

The RP is asked to table the revised resolution plan submitted by UltraTech to the Committee of Creditors (CoC) in three days. The court has also directed the CoC to call for open bids from both the bidders, UltraTech and Dalmia Bharat so as to maximise the returns for the lenders.

UltraTech had in its revised offer bid Rs. 7,990 crore, which is Rs. 1,290 crore higher than that offered by Dalmia Bharat.

Meanwhile, the stock of Ultratech Cement was trading at Rs. 4,007.50 per share, down by 0.35 per cent, Dalmia Bharat was at Rs. 2,942.45 per share, down by 0.74 per cent, while parent of Binani Cement, Binani Industries was at Rs. 94.20 per share, up by 1.18 per cent on Thursday.