The Supreme Court of India on Friday refused to allow out-of-court settlement in Binani Cement bankruptcy case, which otherwise could have set a precedent for losing bidders to get back in the race. Reuters quoting TV channel reports said that the apex court has refused\u00a0out-of-court settlement in the case and now all stakeholders will go back to National Company Law Tribunal (NCLT) for the insolvency proceedings. Binani Cement has a total liability of\u00a0Rs 7,290 crore, underwent\u00a0auction under the newly-constituted Insolvency and Bankruptcy Code, in which a consortium of Dalmia Bharat and Bain Piramal Resurgence Fund emerged a winner with a little margin. While\u00a0Dalmia Bharat's Rs 6,700 crore trumped\u00a0Rs 6,200 crore\u00a0offer by Ultratech Cement, the latter tried to gain the ownership of the company through an\u00a0out-of-court settlement. Ultratech Cement issued a Letter of Comfort of Rs 7,266 crore to Binani Cement\u2019s parent company Binani Industries\u00a0to buy 98% stake and sought to end the insolvency proceedings against it. Even as the stakeholders were given a chance to settle this tug of war out of court, the Committee of Creditors (CoC) for Binani Cement declined to accept the offer by\u00a0Ultratech Cement\u00a0due to lack of clarity in its legal interpretation, following which\u00a0Binani Industries had moved the Supreme Court seeking end to insolvency proceedings. Now the ball is back in NCLT's court, which is likely to decide the winner under the IBC process where the\u00a0Dalmia-led consortium emerged a winner. ICRA had earlier pointed out that the Binani Cement case\u00a0raised questions on whether a resolution process can be concluded outside the purview of the resolution professional and committee of creditors, and whether\u00a0a precedent is set for losing bidders to re-enter the bidding race.