The National Company Law Tribunal (NCLT), Mumbai Bench, has approved a Rs. 185 crore resolution plan submitted by Geetanjali Sugar Private Limited in consortium with M/s G V Alurkar for the revival of debt-ridden Lokshakti Sugar & Allied Industries Ltd. The order paves the way for the takeover of the Solapur-based sugar manufacturer, which had been undergoing Corporate Insolvency Resolution Process (CIRP) since January 2023.
The consortium emerged as the highest bidder in an open bidding process held in October 2023, offering Rs. 185 crore against Lokshakti Sugar’s admitted financial debt of Rs. 209.26 crore. The Committee of Creditors (CoC), comprising secured lenders, unanimously approved the plan with 100% voting …