Binani Industries Ltd today withdrew its appeal against an NCLAT order in the Supreme Court after it refused to allow an out of court settlement for its debt-ridden subsidiary Binani Cement Ltd (BCL).
A bench comprising justices A K Goel and R F Nariman was told by senior advocate Harish Salve, appearing for Binani, that there was nothing in the Insolvency and Bankruptcy Code, 2016, which prevented the company from entering a settlement and securing itself.
The bench, however, observed,"Why should we interfere at this stage? Binani plea appears to be 'put up' by Ultratech, the failed bidder."
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