The Kolkata bench of National Company Law Tribunal (NCLT) on Tuesday reserved its order on the ongoing corporate insolvency resolution process of Binani CementNSE 0.00 % after listening to multiple petitions related to the asset’s resolution.
The bench has heard all the 14 petitions except the one filed by the Resolution Professional (RP) alleging fraudulent transactions involving the promoters of Binani Cement.
UltratechNSE 0.63 % was the second-highest bidder for Binani Cement. The court did not respond favourably to Ultratech’s counsel’s plea highlighting the Bhushan Power and Steel judgement that allowed its lenders to consider Liberty House’s late bid.
It said the Bhushan Power and Steel judgement does not deal with a revised plan. Even though the 270-day moratorium period for Binani Cement ended on April 21, the division bench had on April 20, passed an interim order asking the resolution professional (RP) of Binani Cement to continue taking care of the management of the company “until further order”. Lenders, however, would prefer to give both parties a fresh chance.