Insolvency process: SC asks Binani Cement pleas to be moved to NCLAT

The Supreme Court on Monday ordered transferring all litigations related to Binani Cement’s insolvency resolution pending at the Kolkata Bench of the National Company Law Tribunal (NCLT) to the National Company Law Appelate Tribunal. The case will complete a year of being under the purview of the Insolvency and Bankruptcy Code (IBC) on July 25.

Sources suggested the SC order might be aimed at an speedier closure of the litigation process, which has exceeded both the IBC mandated 270-day timeframe as well as an extended deadline granted by the NCLT on April 24.

Following this order, approval of UltraTech’s revised