November 19, 2018:

On Monday, Supreme Court 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.

Bench comprising of Justice Rohinton Nariman and Justice Navin Sinha dismissed the petition.

"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 ₹ 7,900 crore for stressed Binani Cement rejecting the ₹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.

A day later, Dalmia Cement filed a petition in the Supreme Court against the order, which came up for hearing today.

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