The National Company Law Appellate Tribunal (NCLAT) on Wednesday agreed to hear the plea of Binani Industries for termination of debt-ridden Binani Cement's insolvency proceedings.

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On Binani Industries plea, the tribunal issued notice to all stakeholders, including Committee of Creditors (CoC) and resolution professional (RP).

In the hearing, Binani Industries told NCLAT that the company has submitted a plan to pay 100% to all Binani Cement's creditors in two weeks.

Read also: Dalmia Bharat likely to move Supreme Court in Binani Cement case

"We are 98% shareholders of Binani Cement," said Binani Industries to NCLAT.

Binani Cement owes around Rs 7,000 crore to its creditors. The NCLAT will hear all Binani Cement related cases on May 22.

Earlier, NCLAT directed the resolution professional of Binani Cement not to decide over the eligibility of the revised bids but only submit its comments to the lenders.

NCLAT made the remarks while hearing an application filed by UltraTech in the Binani Cement insolvency matter.

Read also: Binani Cement operational creditors laud NCLT order allowing fresh UltraTech bid

An NCLAT bench headed by Justice S.J Mukhopadhyaya directed that RP would only hand over its comments over questions pertaining to conformity with the Insolvency and Bankruptcy Code (IBC) on the revised bids to CoC.

The appellate tribunal was hearing an application filed by UltraTech, which has submitted revised bids.

First Published:May 16, 2018 11:51 AM IST