# In the matter of Binani Cements Limited IA (IBC) No.582, 596,597,598,606,609,610,611,728 & 729-KB-2021 IA (IBC) No.1004-KB-2021
in CP (IB) No.359-KB-2017

> NCLT judgment dated 2022-06-28. Citation: TCN-2022-NCLT-02003. The case involves multiple Interlocutory Applications (IAs) filed under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 28 Jun 2022
- **Citation:** TCN-2022-NCLT-02003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/binani-cements-limited-ia-ibc-no582-596597598606609610611728-729-kb-2021-ia-ibc-4b9362d7

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Ultratech Cement Limited (UCL) by various applicants who provided services to Binani Cement Limited (BCL) during its Corporate Insolvency Resolution Process (CIRP). BCL was admitted into CIRP on July 26, 2017, following an application under Section 7 of the IBC by a financial creditor. The applicants, claiming to be operational creditors, submitted their claims to the Resolution Professional (RP). The Resolution Plan submitted by Rajputana Properties Private Limited (RPPL) was initially approved by the Committee of Creditors (CoC) but later rejected by the Adjudicating Authority. Subsequently, the CoC approved the Resolution Plan

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## Facts

Binani Cement Limited (BCL), the Corporate Debtor, was engaged in the manufacturing and marketing of cement. It had appointed Binani Business Developers (BBDs) for networking, collection from dealers, sales, and marketing within specific geographical locations. BCL collected security deposits from both BBDs and authorized retailers. An application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was filed by a financial creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) on July 26, 2017. Mr. Vijay Kumar V. Iyer was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on July 27, 2017, inviting claims. The RP received responses from

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## Issues and analysis

### Issue 1: Whether a creditor can initiate proceedings for recovery of any dues which are not part of the …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code (IBC) stipulates that the approved

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**Reasoning:** The Adjudicating Authority reasoned that the approved Resolution Plan is binding on all

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**Interpretation:** The legal issue revolves around the interpretation of Section 31 of the IBC and

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**Application:** In this case, the applicants, as operational creditors, sought to recover dues

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Prabhat P…
- **Respondents:** Binani Cement…; ULTRATECH CEMENT…

## Timeline

- **2017-07-26 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2017-07-27 — Public Annou…**: Public announcement made…

## 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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