NCLAT Rejects Contempt Plea Against Binani Cement’s Resolution Professional
The National Company Law Appellate Tribunal dismissed the contempt petition initiated against the resolution professional in charge of Binani Cement Ltd., by parent company Binani Industries Ltd.
The appellate tribunal in its order said that the contempt plea is not maintainable. However, it allowed Binani Industries to raise the issues at the National Company Law Tribunal (Kolkata) where the insolvency proceedings against Binani Cement are currently ongoing.
The applicants had said in their plea that the resolution professional gave them only a one-day notice for the meeting that was to be held on March 14, when they should have been given a 7-day notice. They also said that no relevant documents were provided to them before the meeting.
On March 23, the NCLT in Kolkata heard four of 14 petitions that have been filed against the ongoing Binani Cement insolvency proceedings.
These petitions have been filed by parent Binani Industries, unsuccessful bidder UltraTech Cement Ltd., the resolution professional in charge of the insolvency process, two creditor banks, and operational creditors. Dalmia Bharat Ltd., the winning bidder for Binani Cement, has also filed an affidavit.
The petitions cover grouses ranging from lack of transparency to disagreement with the approved resolution plan.