KOLKATA: Binani Industries has decided to move the Supreme Court with an appeal to redeem the pledge of its assets in debt ridden subsidiary Binani Cements Ltd from its lenders and will also submit 10 per cent of the offer to prove its commitment, a company official has said.
“We are moving the Supreme Court for sure. We have assurance of support from most of the lenders for this move,” a Binani group spokesman told PTI.
Redeeming the pledge will mean seeking an end to the bankruptcy proceedings against it from the National Company Law Tribunal (NCLT).
The Committee of Creditors (CoC), despite supporting the Rs 7,618 crore offer, declined to accept it due to lack of clarity in legal interpretation in several rounds of meeting.
The Binani group had sought lenders’ support on whether it should move the apex court or not.
Lenders, part of the Committee of Creditors (CoC), desired that there was no problem in the offer unless a higher adjudicating authority permits it.
Binani, backed by Aditya Birla group’s UltraTech Cement, has already received comfort letter for financial support.
Binani has agreed to pay the interest till date since the insolvency proceedings started. PTI
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