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UltraTech Cement on Thursday urged the Kolkata Bench of the National Company Law Tribunal (NCLT) to either reject the offer made by Dalmia Bharat and accept its revised bid; or pass an interim order asking the lender's committee to reconsider the offers made by both Dalmia and UltraTech.
According to Mukul Rohatgi, senior advocate representing UltraTech, NCLT has the "supervisory power" and it replaces the High Court; so it has all powers to see that ultimately maximum money is realised.
As per the latest offer, UltraTech has offered to pay Rs 7,960 crore for the stressed Binani Cement; while Dalmia's resolution plan, which was approved by the Committee of Creditors (CoC) at March 14th meeting, offered to pay Rs 6,589 crore.
Terming the CoC meeting as flawed, Rohatgi said that the March 14 meeting should be set aside and a fresh meeting should be considered where both the parties are heard to ensure the maximisation of value of asset.
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