Road to insolvency: Binani operational creditors 'aghast' at Dalmia's offer

Claim their dues are over Rs 7 billion but Dalmia Bharat's offer seeks to pay only Rs 1.5 billion; vow to fight tooth and nail

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’s 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 (Rs 7 billion). The total amount due to the OCs has been wrongly verified by the resolution professional (RP) as Rs 503.37 crore (Rs 5.03 billion), of which Dalmia offers to pay just Rs 151 crore (Rs 1.5 billion),” Binani Operational Creditors Forum (BOCF) spokesperson Siddharth Tibrewal said