Deconstructing the Binani Cements/Rajputana NCLAT Judgement: Discrimination between creditors, and maximization of value

While the substance over process approach by the NCLAT in relation to UltraTech’s bid may be beneficial from a straight-jacketed procedural approach in a CIRP, the conclusion in relation to no discrimination between sets of financial creditors and operational creditors may be problematic…..

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