The operational creditors (OCs) of Binani Cement have termed the ₹151-crore offer by Dalmia Bharat a “pittance” and said they will reject it outright .

According to the OCs, Binani Cement owes them a total of ₹700 crore, while that according to the Insolvency Resolution Professional (IRP) has approved only ₹503.37 crore.

Creditors plight

“The entire Dalmia package is a cruel joke on us as most of us have patiently waited and worked with Binani to bring it to the stage of ongoing concern from its bankruptcy,” said Siddharth Tibrewal, a spokesperson for Binani Operational Creditors Forum (BOCF).

“We understand from media reports that Dalmia will use its discretionary powers to decide whether or not to pay operational creditors whom the company owes more than ₹1 crore. We are seeking equality for all the creditors of Binani," Tibrewal added.

Settlement

The move assumes significance as the Committee of Creditors (CoC) is yet to come to an out-of-the-court settlement in the Binani Cement bankruptcy case, which is coming up for hearing at the National Company Law Tribunal (NCLT) on Monday.

NCLT had earlier suggested an out-of-the-court settlement to the tussle.

Last month, as many as 70 OCs of Binani Cement - a clutch of micro, small and medium enterprises (MSMEs) — had formed a forum to claim their dues from the new bidder.

Binani Cement has more than 3,000 OCs, and these 70 entities claim that the company owes nearly 80 per cent of the total dues to them.

BOCF is also in talks with others to bring them into the fold.

The OCs had also filed an intervention petition against the IRP and the Committee of Creditors (CoC).

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