NCLT Initiates insolvency proceedings against Simbhaoli Sugars
The NCLT has initiated insolvency proceedings against Simbhaoli Sugars Ltd after a six-year-old petition by the former Oriental Bank of Commerce, now part of PNB. The petition, filed under section 7 of the Insolvency and Bankruptcy Code, cited a default of over Rs 130 crore. Anurag Goel has been appointed interim resolution professional, suspending the company’s board. Simbhaoli Sugars operates under the ‘Trust’ brand in Uttar Pradesh.
The National Company Law Tribunal (NCLT) has initiated insolvency resolution proceedings against Simbhaoli Sugars Ltd following a petition filed nearly six years ago.
The plea, filed in September 2018 by the former Oriental Bank of Commerce—now merged with Punjab National Bank (PNB)—sought the initiation of the Corporate Insolvency Resolution Process (CIRP) under section 7 of the Insolvency and Bankruptcy Code.
In a filing to stock exchanges on Friday, Simbhaoli Sugars announced, “The petition has been admitted by the NCLT, Allahabad Bench, vide order dated July 11, 2024.”
The NCLT has appointed Anurag Goel as the interim resolution professional. As a result, the company’s board has been suspended and will now be managed by Goel.
According to the application filed before the NCLT, the default amount stood at over Rs 130 crore as of November 22, 2017.
Simbhaoli Sugars, a leading sugar company, markets its products under the ‘Trust’ brand and operates factories in Uttar Pradesh.
Source Link: https://www.chinimandi.com/nclt-initiates-insolvency-proceedings-against-simbhaoli-sugars/
