The company also offered to pay off all its dues to the financial and operational creditors within two weeks. It seems to be fair,” he said.The matter will be heard again on April 2.Singhi said NCLT has directed Binani Industries to serve its application upon CoC and all other applicants. After receiving the application, CoC will deliberate and give their concurrence or dissent. “An offer has been made by Binani Industries and will be placed in front of the CoC for consideration. I can’t say it is an out of court settlement,” he said.

Source: Economic Times March 28, 2018 02:37 UTC