The case involves multiple applications filed under sections 60(5), 30, and 31 of the Insolvency and Bankruptcy Code, 2016, concerning the corporate insolvency resolution process (CIRP) of Binani Cement Limited. These applications raise common questions regarding the resolution process initiated by the Resolution Professional (RP), alleged misconduct, and challenges to the approved resolution plan. Braj Bhushan Das Binani, a promoter director of the Corporate Debtor, filed several applications challenging the resolution process, alleging wrongful actions by the RP and CoC, seeking participation in CoC meetings, and claiming violations of a master restructuring agreement. UltraTech Cement Limited also filed applications contending that the CoC and RP were refusing to
…Bank of Baroda, a financial creditor, initiated CIRP against Binani Cement Limited. Vijaykumar V. Iyer was appointed as the Resolution Professional. Braj Bhushan Das Binani, a promoter director of Binani Cement, filed applications challenging the resolution process. UltraTech Cement Limited submitted a resolution plan but its revised offer was not considered by the CoC. The CoC approved the resolution plan of Rajputana Properties Private Limited (RPPL). Several operational creditors filed applications challenging the non-verification of their claims and seeking participation in the CIRP. The RP appointed numerous professionals and outsourced work, leading to high resolution costs. The directors of the corporate debtor were allegedly not allowed to participate
…Sign in to view the parties.
Resolution Professional issued public…
Resolution Prof…
The case involves multiple applications filed under sections 60(5), 30, and 31 of the Insolvency and Bankruptcy Code, 2016, concerning the corporate insolvency resolution process (CIRP) of Binani Cement Limited. These applications raise common questions regarding the resolution process initiated by the Resolution Professional (RP), alleged misconduct, and challenges to the approved resolution plan. Braj Bhushan Das Binani, a promoter director of the Corporate Debtor, filed several applications challenging the resolution process, alleging wrongful actions by the RP and CoC, seeking participation in CoC meetings, and claiming violations of a master restructuring agreement. UltraTech Cement Limited also filed applications contending that the CoC and RP were refusing to
…Bank of Baroda, a financial creditor, initiated CIRP against Binani Cement Limited. Vijaykumar V. Iyer was appointed as the Resolution Professional. Braj Bhushan Das Binani, a promoter director of Binani Cement, filed applications challenging the resolution process. UltraTech Cement Limited submitted a resolution plan but its revised offer was not considered by the CoC. The CoC approved the resolution plan of Rajputana Properties Private Limited (RPPL). Several operational creditors filed applications challenging the non-verification of their claims and seeking participation in the CIRP. The RP appointed numerous professionals and outsourced work, leading to high resolution costs. The directors of the corporate debtor were allegedly not allowed to participate
…Resolution Professional issued public…
Resolution Prof…