Binani Cement's lenders call off meeting after Dalmia's objection
The fate of the tussle between UltraTech Cement and Dalmia Bharat-controlled Rajputana Properties for acquiring the stressed asset of Binani Cement will be decided by the National Company Law Appellate Tribunal following the Supreme Court refusal to intervene in the matter at this stage.
Binani Operational Creditors Forum has preferred UltraTech over Dalmia Bharat, as the latter doesn't intend to pay off all the dues of Binani.
A scheduled meeting of Binani Cement's lenders for Thursday has been postponed after Dalmia Bharat alleged that UltraTech is ineligible from participating in the auction.
The NCLAT on May 4 allowed Binani Cement's CoC to approve either Dalmia Bharat or UltraTech's revised resolution plan. They approached the appellate authority NCLAT to stay the order passed by NCLT Kolkata on May 2, asking the Resolution Professional (RP) and creditors to consider Ultratech's revised bid for Binani Cement.
Dalmia Bharat may have taken a hit at the different courts recently, but it is not out of the picture.
Noting that the case is now pending before the NCLAT, the Apex court refused to interfere at this stage and has remitted the case back while asking NCLAT to hear the case on a daily basis from May 22, 2018.
On Tuesday, Dalmia Bharat moved the Supreme Court to ask for a stay on this NCLAT order. It also gave a chance to Dalmia Bharat to match Ultratech's bid, and if required all parties-banks, Ultratech and Dalmia Bharat could meet across the table and have a form of open bidding for Binani Cement.
One step forward, two steps back.that's the story of Binani Cement's insolvency resolution journey.
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Before the SC verdict, UltraTech revised its bid upward to Rs 7,960 crore, which is about Rs 1,000 crore higher than Dalmia's offer of Rs 6,590 crore.
The possibility that both companies have been acting in concert is also outlined in the letter by mentioning that when BIL approached the apex court for pulling the cement arm out of insolvency proceedings, it had submitted a banker's cheque of Rs. 750 crore that was arranged by UltraTech.
Dalmia Bharat had also challenged the arrangement between Binani and UltraTech, arguing that the lenders had approved its bankruptcy resolution plan and an agreement outside the NCLT would be illegal.
Binani Cement is part of the Braj Binani Group and is a subsidiary of Binani Industries, the holding company of the group.
The RP's notice for the meeting said that "Giving regard to the spirit of the May 2 direction of the Kolkata bench of the NCLT, the operational creditors who have filed applications before the NCLT are invited to appoint a representative who will attend the 16th CoC meeting".
"We are perplexed at Dalmia's move", said a source close to Binani Cement.
Earlier this month, the Kolkata bench of National Company Law Tribunal asked the committee of creditors to consider the revised bid of UltraTech, which may be accepted today.
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