NCLT has considered SBI petition for withdrawal: Bajaj Hindusthan Sugar
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Bajaj Hindusthan Sugar, one of the largest sugar producers in the country, on Sunday informed the BSE the National Company Law Tribunal (NCLT) had considered submissions by State Bank of India (SBI), the biggest lender in the country, for withdrawing its insolvency petition.
It said the next date for hearing was October 25.
The petition was moved because the outstanding has been paid by the company. Though a final decision on what the NCLT says on the withdrawal petition is awaited, sources said this marked the end of the tortuous process of financial creditors taking a company to the tribunal.
The company owed banks around Rs 4,771 crore and had availed itself of two debt-restructuring schemes, leading to steep haircuts taken by the lenders.
The highest debt was to SBI — around Rs 1,192 crore.
The lenders had declared Bajaj Hindusthan Sugar a non-performing asset before taking it to the NCLT, thus plunging the sugar sector into turmoil because of the company’s predominant status.
The company operated more than 14 factories, largely in Uttar Pradesh. Industry sources said almost 600,000 sugarcane
farmers in the state depended on the health of sugar factories owned by Bajaj Hindusthan.
In the 2021-22 sugar season, according to some estimates, Bajaj Hindusthan had a more than 12 per cent share in the sugar produced in Uttar Pradesh. Over 13 per cent of the sugarcane farmers were associated with the firm.
The company reported a consolidated net loss of Rs 74.69 crore in the June quarter on lower revenue.
The company had posted a net loss of Rs 44.91 crore in the year-ago period.
"Lenders, like SBI in the case of Bajaj Hindusthan Sugar, typically prefer to withdraw insolvency petitions once the dues are paid to avoid lengthy and often expensive legal processes. Ideally, lenders would negotiate settlements before resorting to the NCLT; however, approaching the NCLT is often seen as a last resort when all other avenues for repayment have been exhausted."
Sonam Chandwani, Managing Partner KS Legal & Associates
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