NCLT orders insolvency proceedings for Simbhaoli Sugars Ltd due to Rs 130 crore default.

NCLT orders insolvency proceedings against Simbhaoli Sugars Ltd, after a 2018 petition by former Oriental Bank of Commerce, citing over Rs 130 crore default. The company's board is suspended, with Anurag Goel appointed as interim resolution professional. Shares fall 2.46% on BSE. Proceedings under Corporate Insolvency Resolution Process (CIRP) will be conducted.