Company law tribunal dismisses SBI's petition against Bajaj Hindusthan Sugar
Oct 26, 2023
New Delhi [India], October 26 : In a significant turn of events, the National Company Law Tribunal (NCLT) has dismissed the petition lodged by the State Bank of India (SBI) against Bajaj Hindusthan Sugar.
This decision follows a thorough analysis of the submissions presented by SBI, which ultimately led to the withdrawal of the petition.
Bajaj Hindusthan Sugar had incurred a debt of approximately Rs 4,771 crore and had previously availed itself of two debt-restructuring schemes.
The dismissal of the petition marks a pivotal moment for the company, which faced a challenging period where its reputation and financial standing were on the line.
Neeraj Jha, the Group President and Chief Communications Officer of the Bajaj Group expressed immense relief and gratitude over the outcome.
He commented, "It's a great feeling. As you 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."
Acknowledging the significance of maintaining trust, transparency, and fair play, Jha emphasized the importance of the longstanding relationship between Bajaj Hindusthan Sugar and its stakeholders, particularly the lenders. The company's commitment to its stakeholders, which spans nearly a century, has been unwavering.
He further said, "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", added Jha.
The NCLT's decision is seen as a crucial milestone for Bajaj Hindusthan Sugar, enabling the company to continue its operations and pursue its promising future, supported by a network of stakeholders who have demonstrated their unwavering faith in the company's values and conduct.
