Binani Industries moves NCLAT over sale of Binani Cements

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. Binani Industries has also asked the NCLAT to declare the meeting of the Committee of Creditors (CoC) of Binani Cements held on March 14, 2018 as "null and Void". 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 alleged in the 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 It has requested NCLAT to declare the meeting of CoC held on March 14 "to be in violation" of its order and "held to be null and void".