Binani Industries offers to settle all claims of bankrupt cement subsidiary's debtors at NCLAT within two weeks
NCLAT had on Tuesday directed RP of Binani Cement not to decide on the eligibility of the bidders, but just to pass on the revised resolution plans in sealed covers to the CoC.
New Delhi: Binani Industries, which holds 98.4 percent share in debt-ridden Binani Cement, today offered to clear the 100 percent claims of creditors at the National Company Law Appellate Tribunal.
In a fresh petition filed before the NCLAT, it submitted that the offer will clear the dues of financial creditors, operational creditors and others within two weeks.
The counsel appearing for Binani Industries said the settling of the creditors' claims will bring the company out of insolvency proceedings.
The NCLAT bench headed by Chairman Justice S J Mulhopadhaya has asked the Committee of Creditors (CoC), Resolution Professional to file their reply within five days.
It has also asked Rajputana Properties Private Ltd, a subsidiary of Dalmia Bharat Group, whose bids has been approved by CoC earlier, to file an intervention application to be heard in the matter.
The bench also said that it would see as to whether "the NCLT can refuse the offer of the shareholders of the corporate debtor if he intends to pay 100 per cent of credit amount of creditors within 2 to 4 week".
The tribunal has directed to list the matter on May 22 for next hearing.
NCLAT had yesterday directed RP of Binani Cement not to decide on the eligibility of the bidders, but just to pass on the revised resolution plans in sealed covers to the CoC.
NCLAT had also asked the RP to submit his view on questions pertaining to the bidders' eligibility in conformity with the Insolvency and Bankruptcy Code (IBC) to the CoC, that too in a sealed cover, without consulting any of the parties interested in taking over the bankrupt cement-maker.
The NCLAT made the remarks while hearing an application filed by UltraTech in the Binani Cement insolvency matter.
UltraTech Cement tabled a fresh offer, for Binani, to the resolution professional on 14 April. But, a new problem seems to have surfaced.
Changes to Insolvency and Bankruptcy Code to be prospective, says Corporate Affairs Secretary Injeti Srinivas
With a high-level panel suggesting a slew of changes to insolvency law, Corporate Affairs Secretary said that amendments would be prospective in nature