Binani Cement Case At Kolkata NCLT

Binani Cement Case At Kolkata NCLT

Binani Cement insolvency case hearing is underway at the Kolkata National Company Law Tribunal. At least 13 petitions have been filed by different stakeholders. The arguments started at 11:00 a.m., and here are the latest updates:  

Binani Industries To NCLT

✅ Directors not allowed to attend meetings.

✅ Resolution professional misused insurance fund.

Resolution Professional To NCLT

✅ Binani did not send any representative for meetings.

✅ UltraTech did not submit revised plan on March 8, only sent an email.

NCLT’S Observations

✅ Complaints against resolution professional to be addressed by Insolvency and Bankruptcy Board of India.

✅ Have limited power for approval & rejection.