# In the matter of Binani Cement Limited C.A.(IB) Nos.201,210,223,227,233,234,245,246,248,249,343 & 344-KB-2018 In C.P.(I) No.359-KB-2017

> NCLT judgment dated 2018-05-04. Citation: TCN-2018-NCLT-01461. The case involves multiple applications filed under sections 60(5), 30, and 31 of the…

- **Court:** NCLT
- **Order date:** 4 May 2018
- **Citation:** TCN-2018-NCLT-01461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/binani-cement-limited-caib-nos201210223227233234245246248249343-344-kb-2018-in-c-09f7a53c

## Summary

### Background

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

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## Facts

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

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## Issues and analysis

### Issue 1: Whether the resolution professional exceeded his power in appointing professionals, outsourced the …

**Ratio:** An insolvency professional must provide services for remuneration which is charged in a

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**Reasoning:** The Adjudicating Authority found that the Resolution Professional appointed about 22

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**Interpretation:** The Resolution Professional's actions were interpreted as a violation of the

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**Application:** The Adjudicating Authority found that the Resolution Professional's actions in

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** Ultra Tech Cement…
- **Respondents:** Binani Cement…; Vijaykumar…

## Timeline

- **2017-10-13 — Public Annou…**: Resolution Professional issued public announcements inviting prospective Resolution…
- **2018-01-15 — Receipt of Resolution…**: Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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