NCLT orders liquidation of sugar firm
The Hindu
The National Company Law Tribunal (NCLT), Chennai, has ordered liquidation of Thiru Arooran Sugars Ltd. after lenders did not find any viable plan for revival of the company.In 2019, the NCLT had orde
The National Company Law Tribunal (NCLT), Chennai, has ordered liquidation of Thiru Arooran Sugars Ltd. after lenders did not find any viable plan for revival of the company. In 2019, the NCLT had ordered insolvency proceedings against Thiru Arooran Sugars in a case filed by the State Bank of India (SBI) for alleged default of ₹149.36 crore. An SBI-led consortium, which included Punjab National Bank, IDBI Bank, UCO Bank and Union Bank of India, had granted credit facility to the tune of ₹159.94 crore to the company in 2016.
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