INSUBCONTINENT EXCLUSIVE:
MUMBAI: Operational creditors to Bhushan Power Steel have sought ministerial intervention to resolve their payment issues as they stare at
power and steel company have met Petroleum Minister Dharmendra Pradhan, who hails from Odisha (the state which houses the plant), seeking
his intervention as the resolution plan approved by the lenders did not cover their dues, said the person who did not want to be
In addition, it owes 1,200 others, who have joined hands against the resolution plan, nearly Rs 600 crore
Most of the dues fall between Rs 10 and Rs 50 lakh while only 149 creditors are owed more than Rs 1 crore.
The creditors said that Tata
operational creditors with government dues and pay Rs 100 crore against it
This would constitute only 7 per cent of the outstanding dues compared to the combined dues of Rs 1,480 crore
Many of the operational creditors said there was discrimination between suppliers as far as payments were concerned
They alleged that some companies belonging to associates/friends of the failed promoters were paid disproportionately than what the average
operational creditor received in the plan
The Resolution Professional could not be reached for comment.
In a complaint to NCLT, the operational creditors had alleged that claims made
by certain creditors were reduced during the insolvency process as some post-dated cheques were honoured
But the IBC rules clearly prohibits making any payment to creditors after the commencement of the insolvency process.
