The operational creditors (OCs) of debt-ridden Binani CementNSE 0.00 % today lauded the NCLT order which directed the lenders to consider the revised bid of UltraTech CementNSE -0.02 % and reiterated its demand for forensic audit of the insolvency resolution process.
Providing a fresh lease of life for more than 3,000 OCs of Binani Cement, the Kolkata bench of National Company Law Tribunal (NCLT) on Wednesday directed the committee of creditors (CoC) to consider the revised UltraTech bid, while allowing Dalmia Bharat to match the offer made by UltraTech.
Ultra Tech Cement’s offer is Rs 1,021.70 crore more than that of the Dalmia Bharat Group’s, the NCLT said.
Dalmia Bharat’s resolution plan proposed to settle the accumulated dues of OCs of Rs 503.37 crore for Rs 151 crore. However, they claimed the company owes them over Rs 700 crore.
“The (NCLT) order has brought new dimension to the case wherein serious violation of IBC on part of RP got validated in the judgment. In total 12 applications highlighting serious violation of process mandated under IBC to RP got concluded in the hearing. We once again demand for forensic audit,” Binani Operations Creditors Forum (BOCF) spokesperson Rajesh Tibrewal told here.
The revised bid from UltraTech has to be submitted by Friday to the resolution professional (RP), which will be placed before the CoC.
“Had the RP acted prudently as per provisions of IBC law taking into consideration interest of all stakeholders, it would have saved both cost (including interest cost) and time for all creditors,” he added.
“OCs also highlighted how RP refused to permit OCs from attending any COC meeting,” he added.
