Binani creditors forum seeks forensic audit

The Binani Operational Creditors Forum (BOCF) on Sunday sought a forensic audit of the insolvency resolution process of debt-ridden Binani Cement due to alleged lack of transparency and step motherly treatment to micro, small & medium enterprises (MSME) players.

The forum has filed a petition in the Supreme Court calling for a forensic audit of the process. The petition will come up for hearing on Thursday.

Binani Cement owes about Rs 7,000 crore to financial and operational creditors.

Even though Dalmia Bharat, with its offer of Rs 6,350 crore, had been voted as the highest bidder by lenders, things took a turn when Binani Industries approached UltraTech to buy out its stake in Binani Cement for Rs 7,618 crore, involving 100 per cent payout to both secured and unsecured lenders.