Binani Industries, the promoters of Binani Cement, has put a question mark on the insolvency process of the cement company by valuing it at Rs 173 billion (including mining rights of Rs 117 billion) against the bids of around Rs 63 billion received from Dalmia Bharat and Ultratech Cement. 
In a filing at the National Company Law Tribunal, Kolkata, Binani Industries has also said the resolution professional appointed for the company, Vijaykumar Iyer, and Deloitte, have vested interests in undervaluing the company so that they can give their favourite bidder the company. It appears the valuation done by the resolution professional is absolutely wrong on account of valuers being misled by t…
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