SBI recordsdata insolvency petition towards Bajaj Hindustan Sugar in NCLT
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- on Aug 16, 2022
Bajaj Hindustan, India’s largest sugar producer and ethanol manufacturing firm, was declared NPA after defaulting on a mortgage of Rs 4814 crore.
The nation’s largest lender State Financial institution of India (SBI) on August 16 moved the Nationwide Firm Legislation Tribunal (NCLT) in search of initiation of insolvency proceedings towards debt-ridden Bajaj Hindustan Sugar Restricted (BHSL). Was.
“We perceive that the State Financial institution of India, the monetary creditor, by way of its advocate has initiated the Company Insolvency Decision Technique of Bajaj Hindustan Sugar Restricted beneath Part 7 of the Insolvency and Chapter Code 2016 earlier than the Hon’ble Nationwide Firm Legislation Tribunal, Allahabad Bench This disclosure is made in accordance with Regulation 30 of SEBI (Itemizing Obligations and Disclosure Necessities) Laws, 2015,” BHSL mentioned in a regulatory submitting.
Bajaj Hindustan is India’s largest sugar producer and ethanol manufacturing firm. It was declared a non-performing asset (NPA) following default in fee associated to a mortgage of Rs 4,814 crore.
The corporate has 14 sugar mills, all situated within the northern Indian state of Uttar Pradesh. These embrace Gola Gokaran Nath, Palia Kalan, and Khambarkheda (District: Lakhimpur Kheri), Barkheda (District: Pilibhit), Kinauni (District: Meerut), Gangnauli (District: Saharanpur), Thanabhavan and Budhana (District: Muzaffarnagar), Bilai (District: : Muzaffarnagar). District: Bijnor), Maksudapur (District: Shahjahanpur), Pratappur (District: Deoria), Rudauli (District: Basti), Kundarkhi (District: Gonda) and Utraula (District: Balrampur).
The corporate has a sugarcane crushing capability of 1.36 lakh tonnes per day and distillation capability of 800 kiloliters per day.
Aside from sugar, the Shishir Bajaj-led Bajaj Group has pursuits in energy, ethanol, actual property, private care merchandise and infrastructure.
Shares of Bajaj Hindustan Sugar closed at Rs 10.25, down Rs 0.44, or 4.12 per cent, on the BSE.
(edited by : Shoma Bhattacharjee,