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.
July 12, 2024
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