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SBI moves NCLT for insolvency proceedings against Bajaj Hind
New Delhi: Bajaj Hindusthan Sugaris in non-compliance of a ₹5,000 crore loan restructuring agreement, the country's largest lender State Bank of India(SBI) told the National Company Law Tribunal (NCLT) on Wednesday where it sought the admission of the sugar maker into insolvency proceedings.
SBI has claimed that the Kushagra Bajaj-led company failed to bring in equity from associates that was promised as part of the restructuring package.
SBI has claimed that the Kushagra Bajaj-led company failed to bring in equity from associates that was promised as part of the restructuring package.
Kushagra Bajajis the son of Shishir Bajaj, a sibling of the late Rahul Bajaj.
Kushagra Bajaj also helms other group companies such as Bajaj Consumer Careand Bajaj Energy.
According to submissions made by SBI's lawyer Sandeep Arora in court, the sugar manufacturer defaulted on ₹1,052 crore portion of its debt on March 3, 2022.
The default amount, ₹140 crore, includes coupon payments on optionally convertible debentures that had been subscribed to by banks.
The company had been granted