The State Bank of India (SBI) has filed for bankruptcy protection against the country’s largest sugar company, Bajaj Hindustan Sugar Limited. SBI, as the financial lender, filed this petition in the Allahabad Bench of the National Company Law Tribunal (NCLT). If the request is accepted, insolvency proceedings will be opened against the company.
The company itself said: “The financial creditor SBI, through its lawyer, has initiated the process of resolving the corporate insolvency of Bajaj Hindustan,” Bajaj Hindustan said in the information sent to the stock exchange. .
According to reports, Bajaj Hindustan Sugar owes around ₹4,800 crore to banks like SBI, Punjab National Bank, Indian Bank and Central Bank of India.
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Let us tell you that Bajaj Hindustan Sugar is the leading sugar and ethanol manufacturing company in the country. The company is part of the Bajaj (Kushagra) group and is headquartered in Mumbai. The company has a total of 14 sugar factories. All are located in Uttar Pradesh, which has a total crushing capacity of 136,000 tons of sugar cane per day.