A two-member bench of the National Company Law Appellate Tribunal (NCLAT) on Tuesday asked the parties involved in the resolution process of Binani Cement to consider an amicable settlement. The bench was hearing an application filed by Binani Industries, promoter of the debt-laden cement maker, against the resolution professional (RP), Vijaykumar V Iyer. This direction by the appellate body should further strengthen the prospects of the Aditya Birla-led UltraTech Cement in the acquisition of the beleaguered cement maker.
Binani Industries counsel Ratnanko Banerjee said, “We have moved an application before the NCLT (National Company Law Tribunal), Kolkata, for an out-of-tribunal settlement for making 100 per cent payment to creditors. We are willing to settle with everyone with 100 per cent payment.”
After hearing the submissions, the NCLAT bench allowed the parties in dispute over selling of Binani Cement to amicably settle the matter. “We give liberty to parties to reach settlement and approach appropriate forum for approval of the settlement,” the bench added. The matter is scheduled for hearing on April 19. The RP was not available for a comment.
Binani Industries had moved the NCLAT in March against the resolution professional (RP), alleging that its order was not followed while declaring the successful resolution plan for the insolvent cement maker.
In its application, Binani Industries had also asked the appellate tribunal to declare the meeting of the committee of creditors (CoC) of Binani Cements held on March 14 as “null and void”. FE with PTI