State Bank of India moves NCLT to recover dues from Bajaj Hindusthan Sugar

The sugar and ethanol producer owes nearly Rs 4,800 crore to banks

State Bank of India, the country’s largest lender, has moved the National Company Law Tribunal’s (NCLT’s) Allahabad Bench against Bajaj Hindusthan Sugar because the company has not repaid its dues.

The SBI petition, filed under the Insolvency and Bankruptcy Code, 2016, is yet to be admitted by the tribunal, said a banking source. The company owes banks Rs 4,771 crore and has availed itself of two debt-restructuring schemes, leading to steep haircuts taken by the lenders.

According to top SBI officials, the troubled entity has to come up with a proper offer and if it is feasible, there