The case involves multiple applications filed in the Corporate Insolvency Resolution Process (CIRP) of Binani Cement Limited. These applications challenge the resolution process, alleging mismanagement by the Resolution Professional (RP), irregularities in the Committee of Creditors (CoC) constitution, and concerns regarding the valuation of assets. Ultratech Cement Limited, a resolution applicant, filed applications challenging the non-consideration of its revised offer. The director of the corporate debtor also raised objections regarding the RP's conduct and the expenses incurred during the CIRP. Operational creditors also filed applications alleging that their claims were not properly considered.
Binani Cement Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Bank of Baroda. Several applications were filed challenging the CIRP, alleging mismanagement by the Resolution Professional (RP), irregularities in the Committee of Creditors (CoC), and concerns about asset valuation. Braj Bhushan Das Binani, a promoter director, filed applications challenging the resolution process. Ultratech Cement Limited, a resolution applicant, filed applications contesting the non-consideration of its revised offer. The RP was accused of delegating work, appointing advisors at exorbitant fees, and outsourcing work to a firm where he was a partner. Operational creditors alleged their claims were not properly considered. The CoC approved a resolution plan by
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Resolution Professional issued public…
Mr. Vijaykumar V. Iyer…
The case involves multiple applications filed in the Corporate Insolvency Resolution Process (CIRP) of Binani Cement Limited. These applications challenge the resolution process, alleging mismanagement by the Resolution Professional (RP), irregularities in the Committee of Creditors (CoC) constitution, and concerns regarding the valuation of assets. Ultratech Cement Limited, a resolution applicant, filed applications challenging the non-consideration of its revised offer. The director of the corporate debtor also raised objections regarding the RP's conduct and the expenses incurred during the CIRP. Operational creditors also filed applications alleging that their claims were not properly considered.
Binani Cement Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Bank of Baroda. Several applications were filed challenging the CIRP, alleging mismanagement by the Resolution Professional (RP), irregularities in the Committee of Creditors (CoC), and concerns about asset valuation. Braj Bhushan Das Binani, a promoter director, filed applications challenging the resolution process. Ultratech Cement Limited, a resolution applicant, filed applications contesting the non-consideration of its revised offer. The RP was accused of delegating work, appointing advisors at exorbitant fees, and outsourcing work to a firm where he was a partner. Operational creditors alleged their claims were not properly considered. The CoC approved a resolution plan by
…Resolution Professional issued public…
Mr. Vijaykumar V. Iyer…