Insolvency resolution: Binani's operational creditors move Supreme Court

Under the current framework of IBC, operational creditors are not a part of the Committee of Creditors and do not enjoy voting rights

Ten operational creditors of Binani Cement, led by Swastik Coal Corporation, has filed an application with the Supreme Court to obtain an interim stay on Dalmia Bharat-led consortium’s resolution plan, which is up for the National Company Law Tribunal’s (NCLT’s) approval. Additionally, it also wants itself to be treated on par with financial lenders.

On Friday, the legal counsel who will represent the 10 operational creditors, will voice his support in favour of Binani Industries’ appeal for an out-of-court settlement in the Supreme Court.

In the petition, the operational creditors have also sought permission to participate in the meeting of