Journalism of Courage
This is an archive article published on October 27, 2023
NCLT dismisses SBI’s petition against Bajaj Hindusthan Sugar
Bajaj Hindusthan Sugar is an integrated sugar company with an extensive network of 14 mills spread across Uttar Pradesh. It has an aggregate sugarcane crushing capacity of 136,000 tonnes crushed per day (TCD) and alcohol distillation capacity of 800 kilolitres per day (KLD).
On October 15, Bajaj Hindusthan Sugars said that NCLT has considered the submissions made on behalf of SBI (the financial creditor) concerning withdrawal of the insolvency petition. The next date for hearing was fixed as October 25.
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NCLT dismisses SBI’s petition against Bajaj Hindusthan Sugar
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The National Company Law Tribunal (NCLT) has dismissed a petition filed by the State Bank of India against Bajaj Hindusthan Sugars after analysing an application submitted by the bank for withdrawal of insolvency petition.
On October 15, Bajaj Hindusthan Sugars said that NCLT has considered the submissions made on behalf of SBI (the financial creditor) concerning withdrawal of the insolvency petition. The next date for hearing was fixed as October 25.
“In view of the averments made in the application and the statement made by the Ld. Counsel representing the Financial Creditor and there being no objection of the Ld. Sr. Counsel for the Corporate Debtor to the said withdrawal of the main petition, the present application is allowed and the main petition is dismissed as withdrawn,” NCLT said in its October 25 order.
In August last year, the consortium of lenders had approached NCLT for initiation of corporate insolvency resolution process (CIRP) for Bajaj Hindusthan Sugar. At that time, the company owed banks over Rs 4,500 crore. SBI had the maximum dues amounting to around Rs 1,100 crore. Its current outstanding to lenders has come down to Rs 500 crore.
“We hope this will be a win-win for all our stakeholders which includes our lenders, governments & their agencies, our employees, shareholders & investors, and, most importantly, lakhs of sugarcane farmers who we see as an extended part of our family,” said Neeraj Jha, spokesperson and group president & chief communications officer, Bajaj Group.
Bajaj Hindusthan Sugar is an integrated sugar company with an extensive network of 14 mills spread across Uttar Pradesh. It has an aggregate sugarcane crushing capacity of 136,000 tonnes crushed per day (TCD) and alcohol distillation capacity of 800 kilolitres per day (KLD).
Besides sugar, the company is also a manufacturer of ethanol.
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The company’s scrip gained 7.91 per cent to end at Rs 25.38 apiece on the BSE.
© The Indian Express Pvt Ltd
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