BoI Files Insolvency Petition Against Dharani Sugars

Bank of India has filed a petition for insolvency against Dharani Sugars and Chemicals, a flagship company of the PGP Group of Companies with the National Company Law Tribunal (NCLT), The Times of India reported. Dharani Sugars said that consequent to its debts being classified as non-performing in August 2018, the company submitted a resolution plan to its lenders, and also put forward a proposal for One Time Settlement (OTS) to the banks, both of which are under consideration. “In the meantime, Bank of India has chosen to refer it [the default] to NCLT,” Dharani Sugars said in a BSE filing. The company attributed its financial position to the glut in sugar production and reduction in prices. Read more