Top News
Binani Cement CoC can consider revised Ultratech offer but no final order: SC (Lead)
New Delhi/Kolkata, June 4 (IANS) The Supreme Court on Monday said that Binani Cement’s Committee of Creditors (CoC) is not debarred from considering the revised Ultratech bid to acquire the beleaguered company but restrained it from taking a final decision.
Refusing to debar the CoC from carrying on with further proceedings, which would be subject to the orders of the court, a vacation bench of Justice Adarsh Kumar Goel and Justice Ashok Bhushan, however, said that “no final order may be passed”.
“In the meantime, no final order may be passed. This order will not debar further proceedings subject to orders of this Court,” said the order passed by the bench on Monday.
The court also issued notice to Ultratech Cement and others on the plea by the Dalmia Bharat Group’s Rajputana Properties Private Ltd (RPPL) challenging the Kolkata NCLT (National Company Law Tribunal) early May order asking the CoC to consider revised bid by Ultratech Cement.
The apex court directed the next hearing of the matter on July 2.
Meanwhile, resolution professional (RP), Vijaykumar V. Iyer, submitted UltraTech Cement’s revised bid, which was approved by the CoC last month, before the NCLT Kolkata bench for its final approval, though Dalmia Bharat’s RPPL on Monday challenged the eligibility of the Aditya Birla Group company’s to submit a plan for insolvent cement maker.
Ultratech’s revised bid is more than Rs 1,000 crore higher than the one offered by the RPPL.
The RPPL, which had in the first round offered highest bid to acquire Binani Cement, urged the apex court to bar the CoC from considering the revised bid by Ultratech Cement and taking a decision.
This was opposed in the apex court by Additional Solicitor General Maninder Singh, appearing for the lender banks, and senior counsel Abhishek Manu Singhvi who appeared for Ultratech Cement.
Singh said the lender banks cannot be oblivious to Rs 1,019 crore more coming from the revised bid. He said let the RPPL make a matching bid.
Singhvi said Ultratech was making 100 per cent payments whereas RPPL offer was accompanied with a 100 per cent “hair-cut” of income tax and 100 per cent “hair-cut” of other payments.
The RPPL has moved the top court challenging the direction to CoC to consider the revised bid of the Ultratech Cement after its bid was less than that of the RPPL.
During hearing at the NCLT Kolkata bench on Monday, RPPL counsel opposed the CoC’s decision that UltraTech is eligible to bid under section 29A of the IBC (Insolvency Bankruptcy Code).
He also urged the tribunal to direct the RP to share UltraTech’s revised resolution plan with them as the latter was challenging the plan. Though, RP’s counsel opposed it.
The Tribunal bench asked the RP to serve a copy, relating to the reasons for approving Aditya Birla Group company’s revised bid by the CoC, to Rajputana, without sharing the plan.
The Tribunal on Monday also directed RPPL to file an objection or reply to the CoC’s decision on the eligibility of Ultratech within seven days after getting the copy from the RP. Next hearing at the tribunal has been scheduled on June 18.
–IANS
bdc/him/
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
