Binani takeover reaches NCLT after Dalmia Bharat pips Ultratech

A Kolkata bench of the National Company Law Tribunal (NCLT) yesterday asked Binani Cement's Resolution Professional to submit his response to an application filed by Binani's directors.

The (displaced) directors of Binani, have filed an application against its resolution professional, Vijaykumar Iyer of Deloitte, alleging violative handling of the resolution process. The Bench has listed this matter for hearing on March 19, 2018. At the same time, Ultratech also sought to intervene alleging lack of transparency over the evaluation of bids.

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