Binani creditors bat for rebidding

After the intense takeover war between UltraTech Cement and Dalmia Bharat is back to NCLT from the Supreme Court, a section of operational creditors (OCs) are planning to plead before the Kolkata chapter of the adjudicating authority for rebidding.

The Kolkata bench of the Nattional Company Law Tribunal (NCLT) hearing is scheduled on Monday after Binani withdrew their plea in Supreme Court for an outof-court settlement.

"Now, the only hope for the OCs is for the NCLT to declare a fresh bidding so that the interests of all stakeholders are protected. We will plead for it," spokesperson of OCs forum Hitesh Bindal said.

"The OCs will lose about Rs 400 crore worth of claims from Binani Cements if Dalmia Bharat offer is approved. In turn, several banks will lose money who had lend us in case our claims are not recovered, dragging many us to bankruptcy," he claimed.

OCs are supporting the revised UltraTech bid which is not considered for resolution so far.

The Rs 7,618-crore BinaniUltarTech offer promises to repay the claims without any haircut to all secured and unsecured claims. This in turn will protect the amount (Rs 400 crore) adding to NPA lists of the banks, Bindal said.

"The Committee of Creditors (spearheaded by Edelweiss), Deloitte (supporting the RP) and Dalmia are all insistent on shutting out the OCs," a counsel representing

the OCs alleged. "The Rs 6,700 crore offer by Dalmia completely sidelined the OCs. Their claims have been verified in a whimsical manner if it all. They are slated to get may be 5 per cent of the dues as the Resolution Professional is saying that the OCs are not important in the process at all and deserve nothing," he said.

Bindal, detailing the OCs, said total claim of some 3,000 OCs totalled to about Rs 700 crore. But RP has acknowledged claims worth Rs 503 crore as verified.

"Dalmia agrees to pay a lump sum of Rs 141 crore out of Rs 503 verified claims with huge haircuts to large creditors.

In the wake of this, initially seven of the OCs moved court but now 14 more have decided to join," he said.

Binani Cement officials maintained that they will unfold their strategy during the hearing and Dalmia Bharat keeping their hopes high for tomorrow's hearing.