Seeks termination of resolution process; if allowed, will be a first for cases being resolved under IBC.Binani Industries (BIL) on Wednesday moved the National Company Law Appellate Tribunal (NCLAT) offering to clear 100% of the claims of all creditors within two weeks if its subsidiary Binani Cement was brought out of the purview of the insolvency process.
While scheduling a hearing on May 22, the appellate tribunal observed it would consider whether the National Company Law Tribunal (NCLT) can refuse the offer of the shareholders of the corporate debtor if he intends to pay 100% of credit amount of creditors within two to four weeks. If Binani Cement is allowed to exit the corporate insolvency resolution process by payi…
Read the full article at: https://www.financialexpress.com/industry/binani-cement-at-nclat-will-clear-all-dues-binani-industries/1170756/
