The Kolkata bench of National Company Law Tribunal (NCLT) on Tuesday reserved its order in the ongoing corporate insolvency resolution process of Binani Cement.
The Division Bench completed hearing all petitions excepting the one filed by the Resolution Professional (RP) alleging fraudulent transactions involving the promoters of Binani Cement.
The 270-days moratorium period for Binani Cement ended on April 21 and 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’’.
As per the Insolvency and Bankruptcy Code (IBC), a resolution plan has to be approved by the NCLT within the stipulated moratorium period otherwise the company could go in for liquidation. However, the tribunal has discretionary powers to extend the timeframe or not consider the time taken for litigation within the stipulated period.
via NCLT reserves order in Binani Cement’s insolvency resolution process – Business Line