Uttar Pradesh Power Pays Rs 1,361 Crore As Arrears To Bajaj Hindusthan

Bajaj Hindusthan Sugar Ltd. received Rs 1,361 crore towards cane payment arrears from Uttar Pradesh Power Corp.

The company has received the sum in the respective escrow account, maintained exclusively for cane price payment for each of its 14 sugar units from Uttar Pradesh Power, it said in its exchange filing on Monday.

The amount is paid to the cane growers towards the payment arrears for the sugar season 2022-23, it said.

Last week, the National Company Law Tribunal allowed the withdrawal of insolvency plea against Bajaj Hindusthan by State Bank of India, as the outstanding amount has been paid by the company. 

SBI had moved an application before the Allahabad bench of the NCLT informing that the outstanding amount has been paid by Bajaj Hindusthan.

In August 2022, a consortium of 12 banks had dragged Bajaj Hindusthan before the NCLT over delayed payment of loan installments and coupon rate interest on optionally convertible debentures.