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Binani Cement Insolvency Resolution: Promoter Offers To Clear All Dues In 2 Weeks

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New Delhi: The promoter of Binani Cement, Binani Industries has filed a fresh petition with the National Company Law Appellate Tribunal (NCLAT) on Wednesday, saying that it is ready to clear all the dues of its subsidiary to financial and operational creditors within two weeks, The Times of India said in a report.

This is the second attempt of Binani Industries to go for an out-of-court settlement with the lenders to end insolvency proceedings initiated against the bankrupt cement maker after it had moved SC for the permission last month. However, it had to withdraw its appeal with the apex court unwilling to interfere in the proceedings under the Insolvency and Bankruptcy Code (IBC).

Meanwhile, The committee of creditors (CoC) of Binani Cement are meeting on Friday to discuss the revised offer of UltraTech Cement, along with other issues, the TOI report said.

The CoC reportedly said it would see whether “the NCLT (National Company Law Tribunal) can refuse the offer of the shareholders of the corporate debtor if it intends to pay 100% of credit amount of creditors within two-to-four weeks”, the TOI report added. Next hearing at the appellate tribunal is scheduled on May 22.

On March 19, Binani Industries had reached an in-principle understanding with UltraTech Cement, which would allow the latter to buy Binani Industries’ 98.4 per cent stake in Binani Cement for Rs 7,266 crore, provided the resolution process under the IBC was terminated.

“One can terminate the corporate insolvency resolution process (CIRP) by depositing the entire money (total dues) in two weeks,” TOI quoted a senior official of Binani Industries as saying.

Creditors to Binani Cement include Edelweiss Asset Reconstruction Company, SBI, IDBI Bank, Canara Bank, Bank of Baroda and Bank of India, among others. The revised offer of Ultratech Cement is Rs 7,950 crore, while that of Dalmia Bharat is Rs 6,930 crore.

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