SBI initiates insolvency proceedings against Bajaj Hindusthan Sugar

Mumbai (Maharashtra) [India], August 16 : 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.