New Delhi, The National Company Law Tribunal (NCLT) has ordered initiation of insolvency resolution proceedings against Simbhaoli Sugars Limited on a petition filed almost six years ago.
The petition was filed in September 2018 by erstwhile Oriental Bank of Commerce, which has now merged with state-owned Punjab National Bank (PNB).
The lender had sought initiation of corporate insolvency resolution process (CIRP) against the company under Section 7 of the Insolvency and Bankruptcy Code.
"...the petition has been admitted by the NCLT, Allahabad Bench vide order dated July 11, 2024," Simbhaoli Sugars said in a filing to stock exchanges on Friday.
NCLT has appointed Anurag Goyal as interim resolution professional. With the NCLT decision, the company's board stands suspended and will be run by Goyal.
According to the application filed before the NCLT, the default amount as of November 22, 2017 was more than Rs 130 crore.
Simbhaoli, a major sugar company, sells sugar under the 'Trust' brand and has factories in Uttar Pradesh.
Shares of the company fell 2.46 percent to Rs 32.58 on BSE.
The petition was filed in September 2018 by erstwhile Oriental Bank of Commerce, which has now merged with state-owned Punjab National Bank (PNB).
The lender had sought initiation of corporate insolvency resolution process (CIRP) against the company under Section 7 of the Insolvency and Bankruptcy Code.
"...the petition has been admitted by the NCLT, Allahabad Bench vide order dated July 11, 2024," Simbhaoli Sugars said in a filing to stock exchanges on Friday.
NCLT has appointed Anurag Goyal as interim resolution professional. With the NCLT decision, the company's board stands suspended and will be run by Goyal.
According to the application filed before the NCLT, the default amount as of November 22, 2017 was more than Rs 130 crore.
Simbhaoli, a major sugar company, sells sugar under the 'Trust' brand and has factories in Uttar Pradesh.
Shares of the company fell 2.46 percent to Rs 32.58 on BSE.
