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Termination of insolvency proceedings: Binani withdraws plea in SC

Press Trust of India  |  New Delhi 

Ltd today withdrew its against an NCLAT order in the after it refused to allow an out of court settlement for its Ltd (BCL).

A bench comprising justices A Goel and F Nariman was told by 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."

The for said there were no grounds to disqualify them from making the offer.

Ltd (BIL) has received an offer from the firm to transfer its 98.43 per cent stake in BCL for Rs 7,266 crore.

However, the deal was subject to ending the insolvency proceedings against BCL, whose Credit of Creditors (CoC) led by has approved Rs 6,350 crore bid from group's wholly-owned subsidiary, Rajputana Properties Ltd.

The (NCLAT) had in March granted "liberty to the parties to reach settlement".

group's offer to pay Rs 6,350 crore for was selected by CoC of the company.

However, later, Cement entered into an agreement with BIL to buy 98.43 per cent stake in BCL.

It had also agreed to issue a comfort letter to provide Rs 7,266 crore to Ltd for ending insolvency proceedings against

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 20:25 IST