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. A total of 14 petitions were filed with the NCLT.
The 270-day moratorium period for Binani Cement ended on April 21, so the Division Bench had on April 20, passed an interim order asking the RP 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 morator…
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