Resolution professional valued Binani Cement assets improperly: NCLT

As per the same order, Iyer had appointed 22 representatives for the management of Binani Cement besides advisors, legal professionals, facilitator and evaluators.

The Kolkata Bench of National Company Law Tribunal (NCLT), in its order, has upheld the allegations filed by the promoter of Binani Cement against the company’s resolution professional, Vijay Kumar Iyer, of conducting an improper valuation of the firm’s stressed assets as well as violating rules laid down by the Insolvency and Bankruptcy Board of India (IBBI), which resulted in escalating the cost of the resolution process.

In the order passed by Jinan K R and Madan B Gosavi, member – judicial, at the Kolkata Bench of the NCLT, the tribunal has noted, “A serious allegation is also raised submitting