India: The Supreme Court has ordered the National Company Law Appellate Tribunal (NCLAT) to adjudicate upon all issues relating to the Binani Cement insolvency case, including whether Ultratech Cement’s bid for the company is eligible. The case will be heard by the appeals tribunal from mid-July 2018, according to the Mint newspaper. The NCLAT is the body that processes appeals from the National Company Law Tribunal, a legal body that adjudicates disputes between companies.
UltraTech Cement made a direct bid of US$1.12bn for the bankrupt Binani Cement following an auction in March 2018 that was originally won by Dalmia Bharat. Dalmia Bharat has disputed UltraTech Cement’s offer and the two companies have conducted legal campaigns to reinforce their respective claims.
