Millennium Post

Binani Cement OCs reject Dalmia's offer to pay Rs 151-cr dues

Mumbai: The ongoing Binani Cement insolvency case has taken a new twist with the operational creditors (OCs) of the debt-ridden firm terming the Dalmia Bharat offer for their outstanding dues as "pittance" and rejecting it outright, vowing to fight "tooth-and-nail".
"The operational creditors (OCs) dues, in reality, are over Rs 700 crore. The total amount due to the OCs has been wrongly verified by the resolution professionals (RP) as Rs 503.37 crore of which Dalmia offers to pay just Rs 151 crore," Binani Operational Creditors Forum (BOCF) spokesperson Siddharth Tibrewal said in a statement here.
The the National Company Law Tribunal (NCLT) is slated to hear the case again on Monday.
"The entire Dalmia package is a cruel joke on us as most of us have patiently waited and worked with Binani to bring it to the stage of ongoing concern from its bankruptcy," added Tibrewal. This assumes significance as the committee of creditors has not taken any decision on an out-of-court settlement to the issue, as suggested by the NCLT, thus paving the way for the Dalmia offer going through the proceedings.
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