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ARTICLE · 30 MAY 2018

Between The Lines....May 2018

Vaish Associates Advocates
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I. NCLT allows consideration of revised offer by UltraTech Cement Limited upholding the objective of the IBC in the insolvency resolution of Binani Cement Limited

IndiaInsolvency/Bankruptcy/Re-Structuring
Vaish Associates Advocates
Vaish Associates Advocates
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KEY HIGHLIGHTS

I. NCLT allows consideration of revised offer by UltraTech Cement Limited upholding the objective of the IBC in the insolvency resolution of Binani Cement Limited

The Kolkata Bench of the National Company Law Tribunal ("NCLT") in the case of Bank of Baroda v. Binani Cement Limited (decided on May 2, 2018) directed the Resolution Professional ("RP") and the Committee of Creditors ("CoC") to consider the revised offer made by UltraTech Cement Limited ("UTCL"). Further, the NCLT directed the RP to allow the suspended board of directors and the operational creditors to attend the meeting of the CoC in compliance with Section 24(3) of the Insolvency and Bankruptcy Code, 2016 ("IBC").

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