Binani Industries has moved the National Company Law Appellate Tribunal against the Resolution Professional (RP) of Binani Cement, alleging that its order was not followed while declaring the successful resolution plan for the struggling cement maker.
Filing a contempt plea against RP and representative of Deloitte who is assisting resolution plan, Binani Industries has also asked the NCLAT to declare the meeting of Committee of Creditors (CoC) of Binani Cements held on March 14, 2018 as "null and Void" in which bid of Dalmia Bharat Cement was approved.
It also raised questions over the valuation of Dalmia Cement by RP in the resolution process and alleged that he is conducting in a manner which is detrimental to the interests of the Corporate Debtor (Binani Cement).
"It is submitted that assets of Binani Cement are worth more than Rs 17,600 crore while the RP is conducting the corporate insolvency resolution process in a manner in which the value obtained for the Corporate Debtor is only approximately Rs 6,700 crore, which is clearly incorrect," it added.
It is apprehended that the CoC meeting was called on March 14 to finalise the Resolution Plan tendered by Dalmia Group.
This was "prejudice of the Corporate Debtor and to potentially create unfair equities in favour of the Dalmia Group and that it is for this reason that the documents and information has been withheld. This is nothing but an abuse of the process of law," it added Yesterday, Dalmia Bharat had informed the stock exchanges that CoC Binani Cement approved the resolution plan submitted by its group entity Rajputana Properties Private Ltd.
Binani Industries, which holds 98 per cent share capital of Binani Cements, has alleged that despite the orders of the NCLAT, IRP Vijay Kumar V Iyer and Sumit Khanna, representative of Deloitte assisting the resolution plan of the debt-ridden cement firm, kept debtor out of creditors' meeting.
This was "in gross violation and wilful disobedience of order dated March 3, 2018 passed by NCLAT" was "indulging in criminal obstruction of administration of justice," Binani Industries said.
"It is clear that both the Contemnor No 1 and No 2 have conducted themselves in open breach, violation and defiance of the order of this Appellate Tribunal dated March 9, 2018," Binani submitted in the contempt petition.
According to Binani Industries, the NCLAT has directed that if any meeting of the committee of creditors is held, resolution professional would intimate the suspended Board of Directors of Binani Cements to attend the meeting.
It had also said that a notice should be given in advance in terms of I&B Code and Regulations.
"However, the Respondent Contemnors (RP) have openly and wilfully defied the order of this Appellate Tribunal," it said Binani Industries submitted that in the first instance, the notice did not contain the agenda but finally the agenda was given at 11:19 hrs on 13th March, 2018. Moreover, there was no documents accompanying the agenda were given to it.
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