The company markets sugar under the Trust brand and has an established pan-India distribution. It also exports its products Middle EastSoutheast Asia and Africa.
SBI has claimed National Company Law Tribunal ,NCLT) that he tried to reorganize
Sugars debt in 2015 but the company was still unable to repay the debt.
According to SBI, Simbhaoli Sugars is a defaulter with effect from November 1, 2018. The NCLT has not heard the matter and it has not admitted the company for bankruptcy proceedings so far.
The manufacturing units of the listed company are in Simbhaoli, a village Uttar PradeshHapur district.
The company also has an ethanol manufacturing business. The company established its first sugar mill in 1933. The affairs of the company are handled by Gursimran Kaur Mann. Its turnover is around Rs 2,000 crore.
Simbhaoli Sugars had informed the stock exchanges on Friday that a case has been registered by the State Bank of India. India In NCLT under Insolvency Code. It did not give details of the case.
Shares of Simbhaoli Sugars closed at ₹19.50, down 2.26% BSE on Wednesday.