Tamil Nadu CM urges Centre to step in and distressed sugar industry

Wants Union govt to instruct banks and FIs to finalise debt restructuring package for industry in the State and not take harsh steps under IBC or SARFAESI Act

Tamil Nadu Chief Minister Edappadi K Palaniswami has urged the Government of India to instruct banks and financial institutions to finalise the debt restructuring package for sugar industry in the State and not to take harsh measures under Insolvency and Bankruptcy Code or the SARFAESI Act or refer cases to the Debt Recovery Tribunals. In a letter to the Union Finance Minister Nirmala Sitharaman, he urged the Centre to sanction additional sugar release to mills as a special measure to improve financial liquidity of the mills.

"Banks may be advised to release loans to farmers for cultivating sugar cane, even if