Oriental Bank of CommerceNSE 0.59 % has approached the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against debt-ridden Simbhaoli SugarsNSE 4.95 %.
The sugar company informed the OBC has filed an application with the NCLT, Allahabad seeking initiation of the corporate insolvency resolution process under section 7 of the Insolvency and Bankruptcy Code, 2016, it said in a regulatory filing.
SBI, PNB, Bank of Baroda, ICICI BankNSE 0.66 %, Exim Bank are among 12 other bankers of the company.
The company had posted a net loss of Rs 180.39 crore during the 2017-18 fiscal. During the April-June quarter of the current fiscal, the net loss was Rs 1.44 crore.
Simbhaoli Sugars Limited, one of the largest sugar millsNSE -0.06 % in the country, has sugar units in Uttar Pradesh and Gujarat.
