Binani's operational creditors optimistic after admission of claim

The operational creditors are claiming parity with financial creditors, and now their plea has been clubbed with another petition by Sanjay Singal, chairman and managing director of BPSL.

Binani Cement’s operational creditors, who moved the Supreme Court in April challenging various sections of the Insolvency and Bankruptcy Code (IBC) to claim parity with financial creditors, are now optimistic about recovering all dues. 

This follows the apex court clubbing this plea along with a petition by Sanjay Singal, chairman and managing director of Bhushan Power & Steel, who claimed certain sections of the IBC were ultra vires of certain parts of the Constitution. 

Although the two pleas are different, people with knowledge of the matter said they both point towards the legality of certain provisions in IBC, where a