NCLT to hear MSME creditors’ plea in Binani cement Case on Tuesday

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The Kolkata bench of the National Company Law Tribunal (NCLT) has decided to hear on Tuesday the intervention petition against the resolution professional (RP) filed by a group of MSME creditors of Binani Cement Limited (BCL).

The MSME creditors have in their petition accused the RP of meting out an “unfair and unjust” treatment to them and that their claims against the cement major have gone unheeded.

The applicants – Shri Khemisati Polysacks Private Limited, Balaji Roadlines, Vipul Marketing, Shama Enterprise, Ganpati Plastfab Limited, Sai Shraddha Corporation, Jay Enterprise and Shree Ganpatlal Onkarlal Agarwal – have sought a say in the proceedings and that there should be an effective check on the Financial Creditors.

They said in their petition that their pleas for considering their claims have not been heeded and hence they sought NCLT intervention to ensure justice to them in the insolvency proceedings against Binani.

On realizing from media reports that the RP does not intend to provide for payment of their claims in full in the resolution plan, the MSME creditors moved the NCLT arguing that there was no reason whatsoever as to why their dues should not be paid in full.

“This is an issue of paramount importance to us since it involves the fate of over 60,000 people depending on the operational creditors,” one of the petitioners said.

“We have contributed to ensure that Binani Cement is resurrected as an ongoing concern and it’s our birthright to get our dues,” he pointed out and said the RP has wrongly tried to take credit for this.

The petition alleged that the RP has “mischievously and fraudulently”, chosen to collude with a proposal which only favoured the Financial Creditors of the Corporate Debtor / BCL.

All eyes are now on the NCLT as it hears the intervention petition on the next Tuesday.