Amid a protracted legal battle for bankrupt Binani Cement, billionaire Ajay Piramal today said the committee of creditors (CoC)-led resolution process is backed by vigilance authorities, and no one should be allowed to "game" the system.
"The process has been laid out. It has to be followed. It is the process as far as the CoC is concerned, it is the process which is laid out that the CVC (Central Vigilance Commission) has approved. That process has to be followed," Piramal told reporters here.
It can be noted that resolution plan of Dalmia Bharat, with help from a fund floated by Piramal and Bain Capital, was chosen by the CoC of Binani Cement in March. Ultratech, the other bidder, reached an out-of-court agreement with Binani to settle dues, leading to an ongoing legal battle.
Even as the value offered by Ultratech is much higher than the one submitted by Dalmia, Piramal said value maximisation is something that happens much later.
He hinted that coming up with revised offers after being outbid initially tantamounts to "gaming the process".
According to reports, the CoC for Binani Cement today voted in favour of UltraTech's bid.
Piramal stressed that there is no lacunae in the law.
With the National Company Law Tribunal and the Supreme Court hearing the matter, Piramal said, "I hope they will decide logically. Otherwise, this process can be taken for a ride."
Piramal said the India Resurgence Fund floated by him alongwith Bain Capital is working on at least one more deal apart from the much talked about Binani Cements, and the fund was "never aggressive".
He said the fund enjoys a few advantages like a large corpus, Piramal's understanding of businesses and keenness of companies like Dalmia to partner with it.
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