SC dismisses Dalmia Bharat challenge to NCLAT UltraTech order

SC dismisses Dalmia Bharat challenge to NCLAT UltraTech order

The Supreme Court today dismissed a petition filed by Dalmia Bharat’s Rajputana Properties challenging an order of the Countrywide Company Regulation Appellate Tribunal (NCLAT) where Ultratech Cement’s resolution arrange for Binani Cement was upheld.

The Bench of Justices Rohinton Nariman and Navin Sinha dismissed the plea today.

The problem was mentioned the other day by advocate Gopal Sankaranarayanan, appearing for Dalmia Bharat’s Rajputana Properties. Main Justice of India Ranjan Gogoi decided to list the problem for today. Today, Mature Advocates Gopal Subramanium and Neeraj Kishan Kaul (briefed by Shardul Amarchand Mangaldas) appeared for Dalmia Bharat while Older Advocate Mukul Rohatgi and Advocate Mahesh Agarwal made an appearance for Ultratech.

Ultratech
(Top) Justice Rohinton Nariman and Justice Navin Sinha
Senior Advocates Gopal Subramanian, Neeraj Kishan Kaul, and Mukul Rohatgi

Dalmia Bharat argued that Ultratech cannot revise the offer, but after hearing Ultratech Supreme Courtroom made a decision to dismiss the charm. Ultratech argued that declaration of Rajputana Properties as highest bidder was flawed and was under the problem. Ultratech had modified the offer prior to the last conference of March 14, that was well within enough time.

A two-member bench of the NCLAT headed by Chairperson Justice SJ Mukhopadhaya on November 14 rejected the resolution plan submitted by Dalmia Bharat’s Rajputana Properties, getting in touch with it “discriminatory” and “unbalanced”.

The NCLAT Bench observed that the program submitted by Rajputana discriminated between “equally situated” financial creditors and didn’t balance other stakeholders like the operational creditors of Binani Cement. Therefore, its quality plan was rightly rejected, it said.

The Bench ordered that the approval of Ultratech’s resolution plan by the Adjudicating Expert can’t be held to be illegal.

The NCLAT also remitted the records of the proceedings back again to the NCLT Kolkata Bench for establishing a monitoring committee for the procedure.

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