Chennai: Integrated sugar maker Thiru Aarooran Sugars (TA Sugars) has knocked the doors of the National Company Law Tribunal (NCLT) to kick-start the process of corporate insolvency resolution plan after SBI moved the tribunal upon default of loans.
The petition for resolution under the Bankruptcy Code was filed by SBI claiming dues of Rs 149.36 crore.
The Chennai Bench of NCLT has appointed a R Raghavendran as interim resolution professional to kick start the process to find a resolution.
An SBI-led consortium of lenders which includes PNB, IDBI Bank, UCO Bank, Union Bank of India and Standard Chartered Bank lent Rs 159.94 crore to the company in 2016. The account was declared a bad loan or non-performing asset (NPA) in 2018.
Sugar mills …
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