SBI initiates insolvency proceedings against Bajaj Hindusthan Sugar

ANI
16 Aug 2022, 19:33 GMT+10

Mumbai (Maharashtra) [India], August 16 (ANI): The country's largest lender State Bank of India has initiated insolvency proceedings against Bajaj Hindusthan Sugar Limited, the company informed the stock exchanges on Tuesday.

In a regulatory filing to the stock exchanges, Bajaj Hindusthan Sugar Limited said, "We understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Limited before the Hon'ble National Company Law Tribunal, Allahabad Bench under Section 7 of Insolvency and Bankruptcy Code 2016. This disclosure is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."The share price of Bajaj Hindusthan Sugar Limited slumped 5.05 per cent to Rs 10.15 at the BSE on Tuesday.

Bajaj Hindusthan Sugar Limited is involved in the business of manufacturing of sugar and ethanol. It is a part of Bajaj Group (Kushagra) and is headquartered in Mumbai (Maharashtra).

The company has 14 sugar plants, all located in the North Indian state of Uttar Pradesh. These include: Gola Gokaran Nath, Palia Kalan, and Khambarkhera (district: Lakhimpur Kheri), Barkhera (district: Pilibhit), Kinauni (district: Meerut), Gangnauli (district: Saharanpur), Thanabhavan and Budhana (district: Muzaffarnagar), Bilai (district: Bijnore), Maqsoodapur (district: Shahjahanpur), Pratappur (district: Deoria), Rudauli (district: Basti), Kundarkhi (district: Gonda) and Utraula (district: Balrampur).

The plants have an aggregate sugarcane crushing capacity of 136,000 TCD (tonnes crushed per day) and alcohol distillation capacity of 800 KLD (kilolitres per day), as per the information available on the company's website. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.

More Information

null in null

Business

Section

Musk’s X loses CEO Linda Yaccarino amid AI backlash, ad woes

BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...

Ex-UK PM Sunak takes advisory role at Goldman Sachs

NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...

Gold ETF inflows hit 5-year high as tariffs drive safe-haven bets

LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...

PwC: Copper shortages may disrupt 32 percent of chip output by 2035

AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...

U.S. stocks recover after Trump-tariffs-induced slump

NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...

Stocks slide as Trump unveils 25% tariffs on Japan, S. Korea

NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...

Delhi

Section

Birkenstock steps up legal battle over fakes in India

NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...

Mohammed Ali Bemammer set standard for NorthEast United FC's new era

New Delhi [India], July 11 (ANI): NorthEast United FC have seen players come and go. The club has rarely enjoyed a lot of stability...

"PM Modi had said 75 years should be cut-off age for politicians": Karnataka Minister Priyank Kharge on RSS Chief's retirement age remark

Bengaluru (Karnataka) [India], July 11 (ANI): After RSS Chief Mohan Bhagwat suggested stepping aside at the age of 75 to make way for...

Son of Sardaar 2 trailer out: Chaos ensues for Ajay Devgn in Scotland when he cons gangster Ravi Kishan in this comedy drama

Mumbai (Maharashtra) [India], July 11 (ANI): Actor Ajay Devgn's highly anticipated film 'Son Of Sardaar 2' trailer is finally out,...

Recall of Chinese engineers from Foxconn India factory is opportunity for India: Govt source

New Delhi [India], July 11 (ANI): The recall of Chinese employees from the Foxconn India factory, which manufactures Apple iPhones,...

Delhi visit fruitful on irrigation issues: Karnataka DyCM DK Shivakumar

Bengaluru (Karnataka) [India], July 11 (ANI): Karnataka Deputy Chief Minister DK Shivakumar on Friday described his visit to the national...