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Binani OCs may plead for rebidding

Press Trust of India  |  Kolkata 

After the intense takeover war between Cement and is back to NCLT from the Supreme Court, a section of Operational Creditors (OCs) are planning to plead before the chapter of the adjudicating authority for rebidding.

The bench of the Law Tribunal (NCLT) hearing is scheduled tomorrow after withdrew their in for an out-of-court settlement.

"Now, the only hope for the is for the NCLT to declare a fresh bidding so that the interests of all stakeholders are protected. We will plead for it," of forum told

"The will lose about Rs 400 crore worth of claims from Cements if offer is approved. In turn, several banks will lose money who had lend us in case our claims are not recovered, dragging many us to bankruptcy," he claimed.

OCs are supporting the revised bid which is not considered for resolution so far.

The Rs 7,618 crore Binani-UltarTech offer promises to repay the claims without any haircut to all secured and unsecured claims. This in turn will protect the amount (Rs 400 crore) adding to NPA lists of the banks, Bindal said.

"The (spearheaded by Edelweiss), (supporting the RP) and Dalmia are all insistent on shutting out the OCs," a representing the OCs alleged.

"The Rs 6,700 crore offer by Dalmia completely sidelined the OCs. Their claims have been verified in a whimsical manner if it all. They are slated to get may be five per cent of the dues as the Resolution Professional is saying that the OCs are not important in the process at all and deserve nothing," he said.

Bindal, detailing the OCs, said total claim of some 3,000 OCs totalled to about Rs 700 crore. But RP has acknowledged claims worth Rs 503 crore as verified.

"Dalmia agrees to pay a lumpsum of Rs 141 crore out of Rs 503 verifed claims with huge haircuts to large creditors. In the wake of this, initially seven of the OCs moved court but now 14 more have decided to join," he said.

Cement officials maintained that they will unfold their strategy during the hearing and keeping their hopes high for tomorrow's hearing.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, April 15 2018. 20:45 IST