Can you use a binary backup of controlfile to recover a db

[Knarayan]

I think this is the way to go:
go uptill startup mount,
do select * from v$log to find out which is the current/active log,
then do recover database using backup controlfile
when it prompts for the arc file just give the current redolog file instead, i think this should complete the recovery
and then do a
alter database open resetlogs;

Hope this works, do let us know..