Insolvency proceedings: Binani Cement likely to move SC on UltraTech plan

Lenders ask company to seek clearance before approving out-of-court settlement

Binani Cement is likely to move the Supreme Court on Monday to end insolvency proceedings against it. The company’s 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 maker’s 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 Court’s approval to go ahead with this. Binani Cement told us it is going