India: The Binani Operational Creditors Forum (BOCF) is seeking a forensic audit of the insolvency resolution process of Binani Cement due to an alleged lack of transparency. The forum has filed a petition in the Supreme Court, according to the Press Trust of India. Binani Cement owes about US$1.07bn to its creditors.
The Supreme Court previously blocked an out-of-court offer by UltraTech Cement for Binani Cement. A consortium led by Dalmia Bharat won an auction for Binani Cement with a bid of US$974m in early March 2018. However, UltraTech Cement then made a direct bid to Binani Cement a few weeks later. According to the BOCF, the operational creditors are expected to only receive US$23.2m from a total exposure of US$107m if the bid from Dalmia Bharat is allowed to complete.
