Mumbai : The ongoing Binani Cement insolvency case has taken a new twist with the operational creditors (OCs) of the debt-ridden firm terming the Dalmia Bharat offer for their outstanding dues as “pittance” and rejecting it outright, vowing to fight “tooth-and-nail”.
“The operational creditors (OCs) dues, in reality, are over Rs 700 crore. The total amount due to the OCs has been wrongly verified by the resolution professionals (RP) as Rs 503.37 crore of which Dalmia offers to pay just Rs 151 crore,” Binani Operational Creditors Forum (BOCF) spokesperson Siddharth Tibrewal said.
The National Company Law Tribunal (NCLT) is slated to hear the case again on Monday. “The entire Dalmia package is a cruel joke on us as most of us have patiently waited and worked with Binani to bring it to the stage of ongoing concern from its bankruptcy,” added Tibrewal.
This assumes significance as the committee of creditors (CoC) has not taken any decision on an out-of-court settlement to the issue, as suggested by the NCLT, thus paving the way for the Dalmia offer going through the proceedings.
Binani Cement owes about Rs 7,000 crore to both financial and operational creditors.
Even though Dalmia Bharat, with its offer of Rs 6,500 crore, had been voted as the highest bidder by lenders, things took a different turn when Binani Industries approached UltraTech to buy out its stake in Binani Cement for Rs 7,266 crore, which was UltraTech’s increased offer for the asset and involved a 100 per cent payout to both secured and unsecured lenders.
Tibrewal said that the Dalmia Bharat has come to the conclusion that 98 per cent of the OCs or trade creditors have dues of under Rs 1 crore for whom the company offers full payment.