Binani creditors' forum seeks forensic audit of resolution
The Binani Operational Creditors Forum has filed a petition in the Supreme Court calling for a forensic audit of the process. The petition will come up for hearing next Thursday. Binani Cement owes about Rs 7,000 crore to financial and operational creditors. Even though Dalmia Bharat, with its offer of Rs 6,350 crore, had been voted as the highest bidder by lenders, things took a turn when Binani Industries approached UltraTech to buy out its stake in Binani Cement for Rs 7,618 crore, involving 100 per cent payout to both secured and unsecured lenders.
Binani Industries had earlier offered to pay off 100 per cent of its dues to creditors, including operational creditors, and had pleaded for termination of insolvency proceedings at the Kolkata Bench of NCLT. Image source: PTI