After a long period of legal disagreements, after the National Tribunal, the Appeals Tribunal, and even the Supreme Court have resolved the issue, National Company Law Appeal Tribunal (NCLAT) on Wednesday admitted to the Aditya Birla Group Cement Bankruptcy UltraTech cement. UltraTech offered to pay 7,960 crones for all financial and operating creditors.
Discrimination against some financial lenders was provided by Dalmia Bharat Group's Rajputana Properties (RPPL) when approving the two-member UltraTech solution plan, led by NCLAT Chairman Justice JJ Mukhopadhaya.
In the 44-page order, the appeal tribunal underlined that discrimination had existed between some financial lenders, which equally did not fall within the RPF's consideration plan and did not equate other stakeholders, such as other lenders. "Hence, the court decision-making body (NCLT Colcata stand) turned the RPPL decision-making scheme into discrimination."
According to him, the creditors' committee initially approved the RPPL plan and rejected UltraTech's plan later. The NCLAT company, RPPL and UltraTech, announced that they had submitted their plans on February 12, 2018, and then revised their plans on 7 March and RPPL reviewed March 8 with UltraTech on March 14th before the voting day in the CU. CoC accepts RPPL's revised offer and has not made it to UltraTech.
On Wednesday, July 2, the Supreme Court ruled that NCLAT would investigate all issues of Bina Cement's insolvency, including the eligibility criteria for UltraTech Cement. He also transferred all cases from the National Tribunal to Colombia's NCLAT. The appellate court sent the appellate court to make a ruling on a daily basis and publicized its opinion as soon as possible.
Rajputana Properties transferred SC to a revised decision of Bignan Crespos' Creditors Committee to consider a revised resolution proposed by UltimateCement.
Rajputana Properties believes that UltraTech Cement is not entitled to submit a resolution to Benjamin Cement under Section 29A of the Bankruptcy and Bankruptcy Code (IBC), so it will have to be settled first.
On May 4, NCLAT permitted RRC and KOC to review the revised resolution proposed by UltraTech in an intermediate task, and offered RPPL a revision plan of 6,930 rubles. capital and capital. The revised offer of UltraTech Cement at R 7,760, of which $ 7,200 However, RPPL did not raise offers of 6,930 rubles.
On May 29, the CEC voted for the revised version of UltrTech Cement's absolute majority, proposing to pay 7,960 rubles. Under this plan, all financial and operating lenders will receive their full pay.
Initially, the creditors' committee endorsed a plan submitted by RPPL to Binani cement. UltraTech has objected and NCLT has said that it has no transparency from the professional part of the resolution and has not reviewed the revised proposal, which is higher than RPPL.