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The Committee of Creditors (CoC) of Binani Cement on Thursday urged Justice Jinan KR of the Kolkata bench of the National Company Law Tribunal (NCLT) to consider Dalmia Bharat’s bid for Binani if the Bench finds it ‘proper’.
Binani Industries, the parent company of Binani Cement, on the other hand, has submitted an application for termination of insolvency proceedings. It recently entered into a bilateral agreement with UltraTech Cement to sell a controlling stake of around 98.43 per cent for close to Rs 7,266 crore. The CoC’s request comes at a time when there are allegations of ‘fraudulent transactions’ involving the promoters of Binani.
Dalmia Bharat’s wholly-owned subsidiary, Rajputana Properties, emerged as the highest bidder with an offer to pay Rs 6,350 crore for Binani Cement. Its resolution plan was approved by the CoC in its meeting on March 14. The counsels appearing on behalf of the CoC claimed that the ‘fraud’ had nothing to do with the ‘sale’ or process of resolution.
“All details were there in the data room of Binani Cement, the fraud has nothing to do with the sale. If the offer (Dalmia Bharat) is considered proper then the Lordship should kindly consider (the same),” he argued.
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