Binani Cement is likely to move the Supreme Court on Monday to end insolvency proceedings against it. The companys lenders have asked it obtain the necessary permission before consenting to an out-of-court settlement.
The lenders met on Saturday. After the meeting some of them confirmed the meeting was held to consider the cement makers revised proposal to pay back the entire sum it owed, along with interest.
A banker said they were happy with the proposal. It is an excellent proposal, but we need the Supreme Courts approval to go ahead with this. Binani Cement told us it is going to move the Supreme Court on Monday, he added. A source close to Binani also confirmed the pla…
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