KOLKATA: The counsel for the committee of creditors (CoC) of Binani Cement, Pratap Chatterjee, has pleaded before the National Company Law Tribunal (NCLT) to go ahead with the sale process of the beleaguered outfit as he argued that the alleged fraud in the company has nothing to do with the process. He also argued that the fees taken by the resolution professional has nothing to do with the resolution plan for Binani Cement. There was an allegation of over charging against resolution professional. The next hearing at NCLT for the insolvency proceedings of Binani Cement is scheduled for March 27.The resolution professional for Binani Cement, Vijaykumar Iyer, had filed an application in the National Company Law Tribunal (NCLT), alleging fraudulent transactions involving the promoters of the company. The application filed Iyer said external forensic consultant Haribhakti & Co was appointed in November for reviewing some transactions by Binani Cement. Iyer has alleged that the promoters of Binani Cement diverted funds through capital advances, inter-corporate deposits, loans and other means to related parties at preferential prices. This he felt had affected the company’s working capital position.
The CoC counsel has argued that the balance sheet of Binani Cement was inspected by all the bidders. “On the basis of cost remuneration the resolution process should not be stopped,” counsel has said. He has appealed that if the offer is proper then the bench should consider it.
Incidentally, there were six bidders for Binani Cement — JSW, Ultratech, Ramco, Dalmia consortium with Bain Capital and Piramal Enterprise, Hiedelberg and Damani-Jhunjhunwala consortium. The offer of Dalmia Bharat consortium was considered highest (H1) for the insolvency proceedings of Binani Cement at a meeting of CoC on March 14.