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Binani Industries on Monday informed the Kolkata Bench of the National Company Law Tribunal (NCLT) that it has filed an application before the Supreme Court seeking permission for an out-of-court settlement and termination of insolvency proceedings against Binani Cement.
The National Company Law Appellate Tribunal (NCLAT) had, in its order on April 5, directed the Kolkata Bench of NCLT to consider the Binani Cement case only under the provisions of the Insolvency and Bankruptcy Code (IBC).
Binani Industries’ counsel, in its application before the Supreme Court, has requested for setting aside the NCLAT order and also prayed for the termination of IBC proceedings against Binani Cement.
The counsel also informed that the Supreme Court will hear its case on April 13. After hearing the submission made by the counsel, the two-member bench of Kolkata NCLT, adjourned the hearing. The matter will be heard on April 16.
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