Ten operational creditors of Binani Cement, led by Swastik Coal Corporation, has filed an application with the Supreme Court to obtain an interim stay on Dalmia Bharat-led consortium’s resolution plan, which is up for the National Company Law Tribunal’s (NCLT’s) approval. Additionally, it also wants itself to be treated on par with financial lenders.
On Friday, the legal counsel who will represent the 10 operational creditors, will voice his support in favour of Binani Industries’ appeal for an out-of-court settlement in the Supreme Court.
Their appeal is based on the allegation that against a Rs 7 billion claim, they are getting Rs 5.03 billion under the Dalmia Bharat-led consortium’s plan, which has been approved by the Committee of Creditors, and the resolution professional (RP) did not tell them the final amount.
Swastik Coal Corporation owner Hitesh Bindal, whose is claiming around Rs 885.9 million, expects the Supreme Court to pass an “extraordinary judgement” during the hearing in the Binani Cement case. “We have approached the Supreme Court so that our interest is also taken care of and operational creditors get back their total dues. We are raising objections to the Dalmia Bharat plan as it is unfair to us,” he said.
The operational creditors are supporting the Rs 76 billion out-of-court settlement by UltraTech Cement-backed Binani Industries, which promises all lenders full repayment of their claims.
In case the Committee of Creditors approves Dalmia Bharat’s proposal, Bindal will get 5 per cent of Rs 885.9 million; but in case Binani Industries’ proposal gets through, Bindal will get the entire amount.