Binani Industries keen on participating in insolvency resolution of its debt-ridden subsidiary Binani Cement

Binani Industries has approached the National Company Law Tribunal (NCLT) seeking permission to participate in the decision making process for the sale of its debt ridden subsidiary Binani Cement Ltd by the Committee of Creditors. It has approached NCLT “seeking permission to fully participate” in insolvency resolution process of Binani Cement “to ensure that the resolution process adequately protects and preserves the rights and interests” of its stakeholders including Binani Industries, the company said in a regulatory filing today. In July last year, NCLT had admitted the insolvency petition against Binani Cement after it failed to repay its debtors. Binani Industries, which holds 98 per cent share capital of Binani Cements, has also raised questions over appointment of Vijaykumar V Iyer as Interim Resolution Professional (IRP) in the application filed before the Kolkata bench of NCLT. In the plea, Binani Industries has also sought permission to interact with the bidders and financial creditors and other stakeholders of Binani Cement. “The applicant (Binani Industries) be allowed to interact with or meet the bidders, financial creditors and other stakeholders of the corporate debtor (Binani Cement) from time to time,” said Binani Industries in the application. Besides, it has also requested NCLT to “evaluate the bids submitted by the resolution applicants. The applicant be allowed to provide its comments and suggestion on the insolvency resolution process to the resolution professional and the committee of corporate debtor,” it added. It has also requested the tribunal to direct committee of creditors not to proceed ahead till its plea is decided by the NCLT. “Pending the hearing of the present application, that the resolution professional or the committee of creditors shall not approve any resolution plan for the corporate debtor,” it added. Besides cement, Binani Industries has presence in segments such as fibreglass, infrastructure and energy.