The NCLT order extending the\u00a0timeline for consideration of an out-of-court settlement by the Committee of Creditors (CoC), has kept alive the hope for\u00a0UltraTech Cement to take controlling stake in Binani Cement.\u00a0"The decision by the NCLT today reaffirms the chances\u00a0for an out-of-court settlement," Sameer Kaji, Senior Advisor,\u00a0Binani Cement said. A panel of two-member judges extended the deadline for\u00a0the CoC of the bankrupt Binani Cement till April 9 to consider\u00a0a proposal mooted by the Binani promoters for an out-of-court\u00a0settlement and end NCLT proceedings. After the CoC declined to meet to consider the NCLT\u00a0bench remarks for an out-of-court settlement without having\u00a0any order, Dalmia Bharat group's proposal was the front-runner\u00a0for takeover. Sources close to Binani group said a detailed proposal\u00a0will be submitted in a day or two to the CoC.\u00a0When asked whether this may override the agreement CoC\u00a0had made with Dalmia Bharat Cement led consortium, Dalmia camp\u00a0officials said status does not change as the law does not\u00a0allow out-of-court settlement under Insolvency and Bankruptcy\u00a0Code. Dalmia Bharat Cement CEO Mahendra Singhi is of the\u00a0view that once resolution plan is submitted to the NCLT, there\u00a0is a binding contract with CoC and the party.\u00a0Binani Cement had proposed to pay back all the secured\u00a0and unsecured financial creditors and trade operational\u00a0creditors, besides clearing all statutory dues on the\u00a0condition that IBC proceedings against it have to be\u00a0terminated. UltraTech Cement has agreed to pay the former Rs 7,266\u00a0crore to take 98.47 per cent stake in Binani Cement directly\u00a0from the promoters. It is based on this agreement and a subsequent comfort letter that Binani Cement moved NCLT with\u00a0its own proposal.\u00a0But, these developments surfaced after CoC had issued\u00a0a letter of intent to Dalmia Bharat Cement led consortium,\u00a0which emerged as the H1 bidder and applied to NCLT for the final nod. The Operational Creditors were pinning hope on\u00a0out-of-court settlement claiming better deal for their dues.