Companies

Supreme Court upholds NCLAT order allowing sale of Binani Cement to UltraTech

Rajesh Kurup | Updated on November 19, 2018

A file photo of Binani Cement's plant

The Supreme Court on Monday upheld an earlier National Company Law Appellate Tribunal (NCLAT) order, in turn, approving sale of Binani Cement to UltraTech Cement.

The petition was filed before the Supreme Court by Dalmia Bharat’s Rajputana Properties challenging an earlier NCLAT order.

A bench of justices Rohinton Nariman and Navin Sinha dismissed the plea.

"It looks like it’s the final settlement in the Dalmia case. The two important principles, which came out in the NCLAT order, was upheld by the Supreme Court,” Dhaval Vussonji of Dhaval Vussonji & Associates, who represented operational creditors in the Supreme Court told BusinessLine.

“The two important principles were maximisation of value and there should not be discrimination between creditors,” he added.

On November 14, NCLAT had approved UltraTech Cement’s bid of Rs 7,900 crore for stressed Binani Cement rejecting the Rs 6,930-crore offer made by Dalmia Bharat-Bain Piramal consortium Rajputana Properties, though it was declared as highest bidder by the Committee of Creditors earlier.

READ THE STORY:- NCLAT okays UltraTech bid for Binani Cement

A day later, Dalmia Cement filed a petition in the Supreme Court against the order, which came up for hearing today. READ THE STORY:- Binani Cement case: Dalmia moves SC against NCLAT order

rajesh.kurup@thehindu.co.in

Published on November 19, 2018

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