NCLAT directs RP to give comments only on revised bids of Binani Cement
New Delhi: The NCLAT on Tuesday directed the decision skilled (RP) of Binani Cement to not determine over the eligibility of the revised bids however solely submit its feedback to the lenders.
The Nationwide Firm Legislation Appellate Tribunal (NCLAT) made the remarks whereas listening to an software filed by UltraTech within the Binani Cement insolvency matter.
An NCLAT bench headed by Justice S.J Mukhopadhyaya directed that RP would solely hand over its feedback over questions pertaining to conformity with the Insolvency and Chapter Code (IBC) on the revised bids to Committee of Collectors (CoC).
“RP will study every plan and provides feedback however cannot give any opinion on the decision plan,” the bench stated.
The bench additional stated his feedback could be handed over to CoC in a sealed cowl.
“CoC is required to approve one or one other plan… They need to report their causes,” the bench stated.
It additionally added that any choice of CoC “could be topic to end result of this enchantment.”
The appellate tribunal was listening to an software filed by UltraTech, which has submitted revised bids.
Through the proceedings, senior advocate Mukul Rohatgi showing for UltraTech Counsel submitted that RP deciding over eligibility of bids will give rise to “parallel proceedings with the case in NCLAT.”