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infrastructure | IST

NCLAT refuses to stay deadline for Dalmia to revise offer in Binani case

The National Company Law Appellate Tribunal (NCLAT) on Tuesday refused to stay Committee of Creditors (CoC) prescribed deadline of May 23 for Dalmia Bharat-led consortium to revise the offer for Binani Cement.
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The appellate tribunal refused to grant status quo to CoC proceedings and will hear Kumar Mangalam Birla's UltraTech Cement and Dalmia consortium's plea expeditiously from July 10.
NCLAT said that they have the power to annul COC orders and all COC proceedings shall be subject to further orders in NCLAT.
The insolvency case against Binani Cement was filed on July 26, 2017 and the company owes about Rs 7,000 crore to both financial and operational creditors.