The National Company Law Tribunal (NCLT), Chennai has ordered the liquidation of Thiru Aroran Sugars Limited after the lenders did not find any viable plans for the revival of the company.
In 2019, the NCLT ordered bankruptcy proceedings against Thiru Aroran Sugars in a case filed by the State Bank of India (SBI) for alleged defaults of ₹ 149.36 crore.
A consortium led by SBI, comprising Punjab National Bank, IDBI Bank, UCO Bank and Union Bank of India, provided a credit facility of ₹ 159.94 crore to the company in 2016.
Resolution professional R. of Thiru Aroran Sugars. Raghavendran in his petition stated that the liquidation value of the land and building is about ₹ 183.2 crore.
He said that a resolution plan was submitted by M / s Kells Distilleries Private Limited, which was rejected by the Committee of Lenders, which had a voting stake of 76.02% and was therefore considered to vote for the liquidation of Thiru Arooran Sugars. .
The NCLT appointed Ramakrishnan Sadasivan as the liquidator to complete the liquidation process.
In May 2019, the Economic Offenses Wing (EOW) of Cuddalore District, Chairman-cum-Managing Director of Thiru Aroran Sugars, R.V. Thyagarajan was arrested for cheating more than 1,500 sugarcane farmers to the tune of ₹ 80 crore.
Leave a Reply