NEW DELHI: NCLT has allowed SBI to withdraw its insolvency petition against Bajaj Hindusthan Sugar after the lender said the company has cleared the overdues, or outstanding amount.
Besides, SBI told NCLT that the company has assured that it will pay its dues in future. Bajaj Hindusthan Sugar owned over Rs 4,000 crore to lenders with SBI’s exposure being around Rs 1,200 crore.
“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,” a company spokesperson said.
The news resulted in the company’s shares gaining 7.9% on BSE to close at Rs 25.4 on Thursday, in a falling market.
Besides, SBI told NCLT that the company has assured that it will pay its dues in future. Bajaj Hindusthan Sugar owned over Rs 4,000 crore to lenders with SBI’s exposure being around Rs 1,200 crore.
“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,” a company spokesperson said.
The news resulted in the company’s shares gaining 7.9% on BSE to close at Rs 25.4 on Thursday, in a falling market.