Dalmia BharatNSE -3.46 % has written to lenders and RP of Binani CementNSE 0.00 % asking them to reveal to Dalmia the resolution plan submitted by UltraTechNSE -1.43 % for them to “examine the various assumptions, the scheme and the revival proposal that form the basis of UltraTech’s offer” even as the company did not submit a revised plan on Wednesday.
The company in its letter has also asked lenders to give in writing whatever it has decided on the issue of UltraTech’s disqualification under section 29(A) as was raised by Dalmia Bharat. It has also asked for more time to take a decision.
ET has seen the letter that is addressed to the RP Vijaykumar V Iyer and the Committee of Creditors.
” a resolution plan is much more than mere payment figures and is expected to consider a scheme for “insolvency resolution”, based on several assumptions and the figures cannot be assessed in isolation,” read the letter.
“In absence of the complete resolution plan of UltraTech, RPPL cannot examine the various assumptions, the scheme and the revival proposal that form the basis of UltraTech’s offer and cannot conceivably take a decision regarding UltraTech’s resolution plan,” it added.
RPPL or Rajputana Properties Private Limited is the bidding vehicle for Dalmia Bharat.
Dalmia also said that the financials of UltraTech’s offer have changed from time to time, even now with the revised bid but no details have been shared with Dalmia Bharat in that regard.
In its meeting on May 18, the CoC had asked Dalmia Bharat to submit a revised plan for Binani, if it wishes to, by Wednesday. However, sources close to the development said that Dalmia has not submitted any plan and is also not likely to submit since it does not wish to participate in a process that is outside the IBC. The next CoC meeting that was scheduled to take place on Thursday has now been postponed.
Source: Economic Times