Mumbai, Nov 14 (IANS): The National Company Law Appellate Tribunal (NCLAT) on Wednesday approved UltraTech Cement's revised bid for the debt-laden Binani Cement.
The decision comes after the Supreme Court in July transferred the case to the Delhi-based appellate tribunal from the National Company Law Tribunal (NCLT), Kolkata.
"National Company Law Appellant Tribunal has today approved the Resolution Plan of the company for acquisition of Binani Cement," UltraTech Cement said in a filing to the BSE.
The Dalmia Bharat group-owned Rajputana Properties Private Ltd (RPPL) had moved the Supreme Court challenging Kolkata NCLT's order asking the Committee of Creditors (CoC) to consider the revised bid by UltraTech Cement.
UltraTech Cement's revised offer was at Rs 7,900 crore, against its earlier bid of Rs 7,200 crore. The Aditya Birla Group company was earlier the second-highest bidder but later proposed an improved offer.