New Delhi : Dalmia Bharat Group firm Rajputana Properties on Tuesday sought RBI’s intervention to ensure lenders to Binani Cements follow IBC process and honour its Rs 6,350 crore winning bid to acquire the debt-ridden firm.
The company has alleged that despite binding contracts, some members of the Committee of Creditors (CoC) were trying to go for settlement with promoters of Binani Industries in violation of Insolvency and Bankruptcy Code (IBC) and general principles of the rules of law.
“As the regulator for banking sector, we request you to examine the matter appropriately and if deemed fit direct the banks to not deviate from the IBC process and represent in all proceedings that they are committed to the CIRP and contract with RPPL in the interest of justice and larger public purpose,” said Rajputana Properties in its letter to RBI.
Any settlement by the CoC would be “blatant violation of the provisions of the Code, in terms of which CoC has no jurisdiction, power, authority or right under the Code, 2016 to entertain and consider such a settlement proposal from BIL, it added.
It further contended that all banks, including the members of the CoC have agreed that there shall not be any negotiation exception with highest bidder, which is Rajputana Properties.
The Dalmia Bharat Group firm has also written letters to the lenders contending that National Company Law Tribunal (NCLT) has given liberty to them to settle the matter, which does not mean them to go for an alternate offer of UltraTech, which is outside the IBC guidelines.