Binani Cement resolution back to NCLT after promoters withdraw appeal in SC

The decision now rests with the NCLT, which will hear the matter again on Monday, April 16

The resolution process of debt-ridden Binani Cement seems to be going nowhere. Binani Industries, the promoters of Binani Cement, which had moved the Supreme Court seeking approval for an out-of-court settlement with the lenders, withdrew its petition after a 20-minute argument on Friday. The matter will now go back to the Kolkata bench of the National Company Law Tribunal (NCLT). 

A Supreme Court bench comprising Justice A K Goel and Justice R F Nariman questioned the rationale behind an intervention by the apex court, saying several other cases in connection with the Binani Cement matter were up for hearing in the