Termination of insolvency proceedings: Binani withdraws plea in SC
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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