The Dalmia Bharat Group-backed consortium has decided not to revise its bid to match that of UltraTech for acquiring the stressed assets of Binani CementNSE 0.00 %.
The deadline for the consortium offered by the resolution professional ends on May 23.
However, Dalmia Bharat said it will continue its legal battle in the National Company Law Appellate Tribunal and in the Supreme Court.
“We will not revise the bid as it will defeat the purpose for which we were fighting…,” a Dalmia Bharat official told.
The NCLAT today declined to order a status quo on the bids to maximise the offer for debt-ridden Binani Cement by the two resolution applicants, UltraTech CementNSE -1.59 % and the Dalmia Bharat Group.
The appellate tribunal said the final outcome of the bids to maximise the value would be subject to the outcome of the Dalmiya’s petition filed before it.
The NCLT has already asked bankers to look into the revised bid of the Aditya Birla Group’s cement firm, including the operational creditors and unsecured lenders, while giving Dalmia Bharat an opportunity to improve its offer.
The NCLAT has listed the matter for next hearing on July 10.
Ultratech’s bid for Binani Cement is around Rs 1,100 crore more than that of Dalmia Bharat Group’s Rajputana Properties.
Source: Economic Times