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The Kolkata Bench of the National Company Law Tribunal (NCLT) on Monday directed the Committee of Creditors (CoC) for Binani Cement to consider Binani Industries’ application for a settlement outside the tribunal.
The Bench comprising Justice Jinan KR and Justice Madan Balachandra Gosavi had, in its last hearing on March 27, observed that the application filed by Binani Industries was in the “larger interest of all creditors’’. Accordingly, it had asked the CoC whether it could consider the same.
However, the CoC counsel submitted that they had not received a copy of the order on considering the out-of-tribunal settlement. “The Bench has directed us to consider the application at our liberty, we will do as directed,” Pratap Chatterjee, the CoC counsel said.
On being asked by the judge if the CoC would want to consider the proposal if they got a copy of the order, the counsel appearing on behalf of the CoC sought time to consider the application. The hearing has been adjourned to April 9.
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