UltraTech Cement's bid received 100% consent at the CoC meeting.Kolkata: The Committee of Creditors (CoC) of Binani Cement today voted in favour of UltraTech Cement's Rs 7,960-crore offer.
UltraTech Cement's bid received 100 per cent consent at the CoC meeting, sources close to the company said.
The meeting had to be pushed back several rounds due to legal hurdles.
The voting overrides the previous CoC decision of going with the Dalmia Bharat-led consortium as the successful bidder.
UltraTech now becomes the H1 bidder, replacing Rajputana Properties - the bidding company for the Dalmia Bharat-led consortium.
The Letter of Intent is unlikely to be issued immediately, as the CoC will submit its plan to the resolutionprofessional (RP), who in turn will forward it to the NCLTKolkata bench, CoC sources said.
The Tribunal had ordered the CoC to submit the final successful proposal, presenting an opportunity to revise theoffers of both the bidders, latest by June 24.
Dalmia Bharat had said it will not revise its offer,which was lower by about Rs 1,100 crore.
The company, however, had said it will contest the decision in the Appellate Tribunal and may also move the Supreme Court, if Ultratech Cement's proposal was accepted.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)