National Company Law Tribunal (NCLT) has dismissed the petition against Bajaj Hindusthan Sugar, one of the India’s largest sugar producers, after considering submissions made by the State Bank of India (SBI) for withdrawal of the petition.
The SBI filed the petition for withdrawal of the original petition as the outstanding amount had been paid by Bajaj Hindusthan Sugar.
Bajaj Hindusthan Sugar owed banks about Rs 4,771 crore and had availed of two debt-restructuring schemes. The maximum amount of dues was from SBI, around Rs 1,192 crore. The lenders had declared Bajaj Hindustan Sugar a non-performing asset before taking it to the tribunal.
Our Official Reaction welcoming NCLT’s favourable order vis-à-vis our group company Bajaj Hindusthan Sugar Limited following SBI’s withdrawal of the petition…#CourtOrder #JustIn #GoodNews #BajajTrust #BajajSugar #90YearsOfSweetness #BajajGroup #LifeAtBajaj pic.twitter.com/VkxVb6faUi
— Bajaj Group (@thebajajgroup) October 26, 2023
In an official statement, Neeraj Jha, Spokesperson and Group President & Chief Communications Officer, Bajaj Group said, “It’s a great feeling. As you’d know, it was a difficult period for the company when so much was at stake, none more than our reputation. We’re relieved as well as grateful. We take the opportunity to thank the lenders and each stakeholder for believing in us and how we conduct our business. We are mindful of our legacy of trust, transparency and fair play. We truly value our relationships with our stakeholders, especially lenders. We have a track record of honouring our commitment to them for close to 100 years now.”
“This development will allow us to focus fully on this business which we are convinced has an exciting future. We hope this will be a win-win for all our stakeholders which includes our lenders, governments & their agencies, our employees, shareholders & investors, and, most importantly, lakhs of sugarcane farmers who we see as an extended part of our family and who’ve stood by us through thick and thin,” he further added.
Bajaj Hindusthan Sugar Ltd., a key player in the Indian sugar and ethanol manufacturing sector, holds a prominent position in the industry. The company operates 14 sugar plants, all strategically situated in the state of Uttar Pradesh.
