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SBI moves NCLT to recover dues from Bajaj Hindusthan Sugar

Published on August 13, 2022
Current Context: State Bank of India (SBI) has moved the National Company Law Tribunal's (NCLTs) Allahabad bench against Bajaj Hindusthan Sugar for not repaying dues.
SBI moves NCLT to recover dues from Bajaj Hindusthan Sugar
  • Bajaj Hindusthan Sugar owes SBI Rs 4,771 crore, it has availed of two debt-restructuring schemes leading to steep haircuts taken by the lenders. The petition filed by SBI under the Insolvency and Bankruptcy Code, 2016 is yet to be admitted by the tribunal.
  • Promoters who own 24.95 percent of the company are expected to bring Rs 1,500 crore for any proposal to be considered. Sugarcane arrears worth Rs 2,900 crore has to be paid by the company to farmers as of July 2022, which is almost 44 percent of the sugarcane dues payable to farmers in Uttar Pradesh.
  • Bajaj Hindusthan has 14 factories capable of crushing a total of 136,000 tonnes of sugarcane in a day. The company has six distilleries with a capacity to produce 800 kilo liters of industrial alcohol in a day.
  • Bajaj Hindusthan reported revenue of Rs 5,569 crore and a loss of Rs 218 crore for FY 22. The company had more than a 12 percent share in sugar produced in Uttar Pradesh in the season of 2021-22. It has over 13 percent share in farmers directly associated with the sugar sector. It is one of the largest companies in the sector and has 14 sugar mills in Uttar Pradesh.
  • Static Knowledge:
    • SBI Chairman - Dinesh Kumar Khara
    • SBI headquarters - Mumbai
    • SBI formed - on 1 July 1955

Question: 

Q.1 Which bank has moved NCLT to recover dues from Bajaj Hindusthan Sugar?
a. State Bank of India
b. Canara bank
c. Punjab National bank
d. Axis bank
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