A bid submitted by India’s UltraTech Cement to acquire Binani Cement has received approval from the National Company Law Appellate Tribunal (NCLAT).

A two-member bench of NCLAT, headed by Chairman Justice S J Mukhopadhaya, approved the company’s resolution plan and said that the plan submitted by Dalmia Bharat’s Rajputana Properties was “discriminatory” against some financial creditors, according to the Press Trust of India.