Banks to take a call on Wednesday on increased offer for Binani Cement

NCLAT approves the out-of-court resolution, admits Binani's plan; UltraTech-backed offer is Rs 7 bn more than the Dalmia Bharat Cement-led consortium's plan

The stalemate over the debt resolution of Binani Cement is likely to end soon, with lenders planning to consider an out-of-court settlement with Binani Industries, the promoters, on Wednesday. 

The UltraTech-backed Binani Cement’s offer is Rs 7 billion more than the Dalmia Bharat Cement-led consortium’s plan selected by creditors.

A meeting of lenders has been called after the Kolkata bench of the National Company Law Tribunal (NCLT) asked them to consider an out-of-court settlement. The NCLAT, the appellate authority, also permitted on Tuesday an amicable solution to the case and admitted Binani’s plan.

Counsel for Binani Cement said the two directives had made