Saturday, October 1, 2022
Home > Finance News > SBI drags Simbhaoli Sugars to bankruptcy over Rs 395 cr loan

SBI drags Simbhaoli Sugars to bankruptcy over Rs 395 cr loan


() has dragged to bankruptcy over a ₹395 crore loan, according to people briefed on the matter.

The company markets sugar under the Trust brand and has a pan-India distribution set up. It also exports its products to the Middle East, Southeast Asia and Africa.

SBI has claimed at the National Company Law Tribunal (NCLT) that it tried to restructure

Sugars’ loans in 2015 but the company was still unable to service the debt.

Simbhaoli Sugars has been a defaulter since November 1, 2018, according to SBI. NCLT has not heard the case and it has not admitted the company for bankruptcy proceedings so far.

The listed company has manufacturing units at Simbhaoli, a village in Uttar Pradesh‘s Hapur district.

The company also has an ethanol manufacturing business. The company established its first sugar mill in 1933. The affairs of the company are helmed by Gursimran Kaur Mann. It has a turnover of around ₹2,000 crore.

Simbhaoli Sugars had informed stock exchanges on Friday that a case had been filed by State Bank of India at NCLT under the insolvency code. It had not provided details of the case.

Shares of Simbhaoli Sugars lost 2.26% to close at ₹19.50 on the BSE on Wednesday.


Source link

Leave a Reply

Your email address will not be published.

%d bloggers like this: