Comments
The Binani Cement's Operational Creditors' (OC) plea before the Supreme Court seeking an ad-interim stay and audit of the resolution process is to come up for hearing on April 19.
“Our claims are legitimate and so they should be paid in full and the Indian Constitution cannot be ignored so blatantly. The operational creditors were being ignored till now in the dues settlement process," Binani Operational Creditors Forum (BOCF), a body formed to fight for the OCs rights.
BOCF, in a statement, also claimed that they are being paid only 5 per cent by Dalmia Bharat, which is a “pittance”, while the banks are getting 120 per cent of their dues. The MSMEs are seeking 100 per cent of their dues.
“When the bidders are ready to pay thousands of crores, why is there a hesitation to pay OCs dues," a spokesperson for BOCF asked.
The OCs — mainly micro, small and medium enterprises (MSMEs) — had sought an ad-interim stay on the ongoing proceedings stating that the company owes them a total of ₹700 crore, while the Insolvency Resolution Professional (IRP) has put the number at ₹503.37 crore.
However, the actual payment that the OCs would get stands at a meagre ₹150 crore, the spokesperson added. They have also sought a forensic audit of the entire insolvency resolution process, alleging lack of transparency.
According to the OCs, numbering more than 3,000, Binani Cement owes them a total of ₹700 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.